Untitled Document

N-CSR 1 ncsr.htm N-CSR Untitled Document

United States Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

Janus Investment Fund
(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206
(Address of principal executive offices) (Zip code)

Byron D. Hittle, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)

Registrant's telephone number, including area code: 303-333-3863

Date of fiscal year end: 6/30

Date of reporting period: 6/30/20

Item 1 - Reports to Shareholders



		ANNUAL REPORT June 30, 2020

	Janus Henderson Absolute Return Income Opportunities Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Absolute Return Income Opportunities Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	43
Additional Information	44
Useful Information About Your Fund Report	57
Trustees and Officers	60

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

FUND SNAPSHOT

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

Jason England

co-portfolio manager

Nick Maroutsos

co-portfolio manager

PERFORMANCE OVERVIEW

For the 12-month period ending June 30, 2020, Janus Henderson Absolute Return Income Opportunities Fund’s Class I Shares returned 3.88%, compared with a 1.56% return for the Fund’s benchmark, the FTSE 3-Month U.S. Treasury Bill Index.

MARKET ENVIRONMENT

Global bond markets generated positive returns during the period, driven largely by the collapse in global interest rates in the wake of the COVID-19-driven economic slowdown. Earlier in the period, interest rates in many developed markets fell on global growth concerns as resolutions to trade disputes remained elusive. Once the pandemic hit, rates plummeted on the flight to safety. Investment-grade corporate credits incurred temporary losses as the difference between their yields and those on risk-free benchmarks widened considerably. By the end of the period, however, those spreads had narrowed as investors were comforted with the scale of government and central bank initiatives aimed at supporting the global economy.

PERFORMANCE DISCUSSION

For the period, the Fund outperformed its benchmark, the FTSE 3-Month U.S. Treasury Bill Index. The strategy seeks to provide long-term positive returns through various market environments by managing portfolio duration, credit risk and volatility.

Much of the Fund’s returns were generated by its core of cash-based corporate and securitized credits. We believe these securities offer attractive income potential while our focus on shorter-dated maturities tend to make them less volatile than longer-date securities. Also contributing were positions layered onto the portfolio during the lead up to – and the height of – the COVID-19 crisis, that were aimed at hedging potential losses in the Fund’s credit holdings. Given the widening of credit spreads during that period, these positions generated positive returns. Overall, the Fund’s duration positioning generated positive returns, especially during early spring when interest rate rallied as global economies shut down. Some positions that were constructed to reduce interest-rate risk in the Fund’s credit sleeve, however, generated mild losses. The Fund can also take directional exposure in foreign currency markets. While these positions delivered slightly positive returns for the full period, some of this exposure resulted in losses late in the period.

The Fund makes extensive use of derivatives as a component of its Structural Alpha strategy. These derivatives are utilized with the aim of generating returns in addition to those attributed to our core fixed income allocation. Management has discretion to tactically use each of these derivatives to access trades and as hedging instruments. During the period, the Fund used options, futures, options on futures, credit default swaps (CDS), other swaps and forward exchange contracts. CDS are also used as part of a strategy to generate yield by selling default protection on an underlying asset. Forward exchange contracts are used, in part, to hedge our currency exposure and as a strategy for capitalizing on potential dislocations in the foreign currency market.

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Our concern over longer-term economic growth, corporate profitability and the lingering effects of the global shutdown cause us to continue with more conservative positioning. A large amount of headline data released during June pointed to a cautious tone. Among these were the continued rise in COVID-19 cases and deaths; an increase in U.S.-China tensions, not only with respect to trade but also the pandemic and human-rights issues; and a marked uptick in bankruptcies, including a pioneer in the U.S. fracking industry. Collectively, these have the


Janus Investment Fund	1

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

potential to weigh on supply chains, global growth and, ultimately, the prospects for risky assets.

We remain concerned over further market turmoil and expect to maintain conservative risk exposures. Penalty rates for holding cash have become too painful and we have begun to invest our excess cash into short-term commercial paper with what we consider to be attractive yields. While we doubt these securities will benefit from price increases, we believe that portfolio yield should remain attractive and their inclusion should help insulate the portfolio against additional market volatility. We still consider it necessary to maintain a degree of protection via derivatives against potential defaults that would adversely affect our corporate holdings, and we are keeping duration in the 1.25-year range. We also remain concerned that a longer-than-anticipated lockdown could stress corporate solvencies even further. We will await further information before materially increasing risk positions.

While we remain biased toward lower short-term rates, they have largely been priced in and we have little conviction in the overall direction of rates from where we stand today. Market conjecture of negative U.S. rates, in our view, is premature, but low short-term rates are a given for the next 12 to 18 months. We are not believers in the consensus view of a steeper yield curve driven by massive deficits and record Treasury bond issuance. Lessons from Japan and Europe demonstrate that longer-term deflation risks combined with central bank purchases override supply concerns.

Bond market liquidity continues to improve. We remain primarily allocated to investment-grade securities, biased toward shorter-dated issues. We continue to avoid more volatile or higher beta sectors (such as commodities energy, gaming, tourism and airlines) as well as the regions most affected by the pandemic. We maintain only a modest exposure to China (and only in USD-denominated quasi-sovereign issuers) and otherwise nothing in emerging markets. Despite our cautious outlook, we have no greater concern with default risk than we did before the turmoil began. Our main goal is to buttress the portfolio against a renewed sell-off in risk assets.

Thank you for your investment in the Janus Henderson Absolute Return Income Opportunities Fund.


2	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Fund At A Glance

June 30, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	0.41%	0.53%
Class A Shares MOP	0.39%	0.50%
Class C Shares**	-0.34%	-0.22%
Class D Shares	0.51%	0.70%
Class I Shares	0.67%	0.78%
Class N Shares	0.61%	0.83%
Class R Shares	-0.46%	0.09%
Class S Shares	-1.74%	0.33%
Class T Shares	0.46%	0.58%
Weighted Average Maturity		2.1 Years
Average Effective Duration***		1.5 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	24.3%
AA	9.1%
A	16.0%
BBB	34.3%
Not Rated	0.7%
Other	15.6%
† Credit quality ratings reflect the lower rating provided by Standard & Poor's (S&P) and/or Moody’s, independent credit rating agencies. Credit ratings are measured on a scale that ranges from AAA (highest) to D (lowest). Further information on S&P's and/or Moody’s rating methodology may be found at www.standardandpoors.com or www.moodys.com . Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P or Moody’s but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	51.1%
Asset-Backed/Commercial Mortgage-Backed Securities	32.9%
Commercial Paper	4.7%
Other		11.3%
		100.0%

Emerging markets comprised 10.1% of total net assets.


Janus Investment Fund	3

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	3.64%	1.47%	0.91%	1.07%	0.96%
Class A Shares at MOP	-1.34%	0.50%	0.11%
Class C Shares at NAV	2.92%	0.73%	0.19%	1.90%	1.77%
Class C Shares at CDSC	1.92%	0.73%	0.19%
Class D Shares⁽¹⁾	3.69%	1.53%	0.99%	1.08%	0.84%
Class I Shares	3.88%	1.71%	1.15%	0.80%	0.72%
Class N Shares	3.94%	1.77%	1.20%	0.69%	0.68%
Class R Shares	3.17%	1.02%	0.47%	1.88%	1.43%
Class S Shares	3.44%	1.27%	0.70%	1.52%	1.18%
Class T Shares	3.71%	1.52%	0.96%	1.02%	0.93%
FTSE 3-Month U.S. Treasury Bill Index	1.56%	1.15%	0.95%
3-Month USD LIBOR	2.11%	1.50%	1.27%
Morningstar Quartile - Class I Shares	1st	3rd	3rd
Morningstar Ranking - based on total returns for Nontraditional Bond Funds	45/320	187/275	170/239

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2019.


4	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class R Shares commenced operations on February 6, 2015. Performance shown for periods prior to February 6, 2015, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to February 6, 2015, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective June 28, 2019, the Fund’s primary benchmark index changed from the 3-Month USD LIBOR to the FTSE 3-Month US Treasury Bill Index. Janus Henderson believes the FTSE 3-Month US Treasury Bill Index is a more appropriate benchmark against which to measure the Fund’s performance and regulators had signaled intent to phase out LIBOR as a key market interest rate by the end of 2021.

*The Fund’s inception date – May 27, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


Janus Investment Fund	5

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$1,019.20	$4.72	$1,000.00	$1,020.19	$4.72	0.94%
Class C Shares		$1,000.00	$1,014.50	$8.41	$1,000.00	$1,016.51	$8.42	1.68%
Class D Shares		$1,000.00	$1,018.90	$3.87	$1,000.00	$1,021.03	$3.87	0.77%
Class I Shares		$1,000.00	$1,019.30	$3.51	$1,000.00	$1,021.38	$3.52	0.70%
Class N Shares		$1,000.00	$1,020.80	$3.17	$1,000.00	$1,021.73	$3.17	0.63%
Class R Shares		$1,000.00	$1,017.00	$6.87	$1,000.00	$1,018.05	$6.87	1.37%
Class S Shares		$1,000.00	$1,018.30	$5.67	$1,000.00	$1,019.24	$5.67	1.13%
Class T Shares		$1,000.00	$1,018.40	$4.32	$1,000.00	$1,020.59	$4.32	0.86%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2020


Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 32.9%
	La Trobe Financial Capital Markets Trust 2017-1,
	30 Day Australian Bank Bill Rate + 2.9500%, 3.0400%, 1/14/49^‡	891,597	AUD	$613,957
	La Trobe Financial Capital Markets Trust 2017-2,
	30 Day Australian Bank Bill Rate + 1.9000%, 1.9900%, 1/12/49^‡	5,877,495	AUD	4,025,091
	La Trobe Financial Capital Markets Trust 2017-2,
	30 Day Australian Bank Bill Rate + 2.4000%, 2.4900%, 1/12/49^‡	8,000,000	AUD	5,457,190
	Liberty Series 2016-2,
	30 Day Australian Bank Bill Rate + 2.7000%, 2.7900%, 8/25/48^‡	686,466	AUD	461,364
	Liberty Series 2018-1 SME,
	30 Day Australian Bank Bill Rate + 1.4500%, 1.5400%, 7/10/50^‡	6,483,346	AUD	4,462,977
	Liberty Series 2018-1 SME,
	30 Day Australian Bank Bill Rate + 2.3500%, 2.4400%, 7/10/50^‡	3,500,000	AUD	2,401,371
	Liberty Series 2018-3,
	30 Day Australian Bank Bill Rate + 2.1000%, 2.1900%, 10/25/50^‡	1,500,000	AUD	1,008,661
	Pepper I-Prime 2017-2 Trust,
	30 Day Australian Bank Bill Rate + 2.0000%, 2.0900%, 12/13/48^‡	3,310,400	AUD	2,279,887
	Pepper I-Prime 2018-1 Trust,
	30 Day Australian Bank Bill Rate + 1.6500%, 1.7400%, 11/23/49^‡	8,200,000	AUD	5,625,540
	Pepper Residential Securities Trust NO 18,
	30 Day Australian Bank Bill Rate + 2.1000%, 2.1900%, 8/12/58^‡	1,382,026	AUD	947,890
	RedZed Trust Series 2018-1,
	30 Day Australian Bank Bill Rate + 2.4000%, 2.4881%, 3/9/50^‡	8,200,000	AUD	5,659,171
	RESIMAC Bastille Trust Series 2017-1NC,
	30 Day Australian Bank Bill Rate + 1.8500%, 1.9381%, 12/8/58^‡	221,831	AUD	151,909
	TORRENS Series 2014-2 Trust,
	30 Day Australian Bank Bill Rate + 1.6000%, 1.6900%, 1/12/46^‡	2,218,219	AUD	1,528,836
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $36,006,790)				34,623,844
Corporate Bonds– 51.1%
Banking – 25.4%
	Australia & New Zealand Banking Group Ltd,
	90 Day Australian Bank Bill Rate + 2.7000%, 2.7978%, 5/17/26^‡	3,000,000	AUD	2,091,334
	Australia & New Zealand Banking Group Ltd,
	AUD SWAP 5 YR + 1.8500%, 4.7500%, 5/13/27^‡	2,000,000	AUD	1,435,802
	Bendigo & Adelaide Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4500%, 2.5450%, 11/30/28^‡	2,500,000	AUD	1,721,281
	Commonwealth Bank of Australia,
	90 Day Australian Bank Bill Rate + 2.6500%, 2.7500%, 6/3/26^‡	3,100,000	AUD	2,161,438
	Commonwealth Bank of Australia,
	ICE LIBOR USD 3 Month + 2.0940%, 3.3750%, 10/20/26^‡	$1,000,000		1,013,772
	Credit Union Australia Ltd,
	90 Day Australian Bank Bill Rate + 1.2300%, 1.3300%, 3/4/22^‡	900,000	AUD	624,513
	DBS Group Holdings Ltd,
	90 Day Australian Bank Bill Rate + 1.5800%, 1.6832%, 3/16/28^‡	1,300,000	AUD	883,707
	Horse Gallop Finance Ltd,
	ICE LIBOR USD 3 Month + 1.1800%, 1.4860%, 6/28/21^‡	2,537,000		2,522,945
	Lloyds Banking Group PLC, 3.9000%, 11/23/23	4,000,000	AUD	2,926,898
	Macquarie Group Ltd,
	90 Day Australian Bank Bill Rate + 1.1500%, 1.2500%, 12/15/22^‡	2,960,000	AUD	2,037,391
	National Australia Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4000%, 2.5049%, 9/21/26^‡	568,000	AUD	395,196
	National Australia Bank Ltd, AUD SWAP 5 YR + 2.4000%, 4.0000%, 9/21/26^‡	2,743,000	AUD	1,934,136
	Oversea-Chinese Banking Corp Ltd, 4.2500%, 6/19/24	2,000,000		2,161,873
	Standard Chartered PLC,
	90 Day Australian Bank Bill Rate + 1.8500%, 1.9500%, 6/28/25^‡	320,000	AUD	217,578
	Westpac Banking Corp, AUD SWAP 5 YR + 1.9500%, 4.5000%, 3/11/27^‡	3,810,000	AUD	2,704,275
	Westpac Banking Corp, AUD SWAP 5 YR + 2.6500%, 4.8000%, 6/14/28^‡	2,724,000	AUD	1,970,094
				26,802,233
Capital Goods – 0.9%
	CNH Industrial Capital Australia Pty Ltd, 2.1000%, 12/12/22	550,000	AUD	379,419


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2020


Principal Amounts				Value
Corporate Bonds– (continued)
Capital Goods – (continued)
	John Deere Capital Corp, 0.5500%, 7/5/22	$600,000		$601,679
				981,098
Consumer Cyclical – 8.9%
	Amazon.com Inc, 0.8000%, 6/3/25	1,100,000		1,106,289
	eBay Inc, 1.9000%, 3/11/25	800,000		826,102
	General Motors Financial Co Inc,
	ICE LIBOR USD 3 Month + 0.8500%, 1.1184%, 4/9/21^‡	1,000,000		994,034
	Hyundai Capital America, ICE LIBOR USD 3 Month + 0.9400%, 1.2165%, 7/8/21^‡	2,850,000		2,819,646
	Volkswagen Financial Services Australia Pty Ltd, 3.3000%, 2/28/22	5,190,000	AUD	3,646,953
				9,393,024
Electric – 0.7%
	ETSA Utilities Finance Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.0200%, 1.1150%, 8/29/22^‡	1,050,000	AUD	723,921
Financial Institutions – 1.5%
	Liberty Financial Pty Ltd, 5.1000%, 4/9/21	2,350,000	AUD	1,639,363
Government Sponsored – 8.5%
	Bank of China Ltd/Macau,
	ICE LIBOR USD 3 Month + 0.7500%, 1.1270%, 11/20/21^‡	1,150,000		1,147,815
	CNOOC Curtis Funding No 1 Pty Ltd, 4.5000%, 10/3/23	2,600,000		2,853,844
	ICBCIL Finance Co Ltd, 3.6500%, 3/5/22	800,000		822,336
	SGSP Australia Assets Pty Ltd, 3.3000%, 4/9/23	800,000		840,411
	Sinopec Capital 2013 Ltd, 3.1250%, 4/24/23	3,130,000		3,260,655
				8,925,061
Industrial – 0.7%
	Downer Group Finance Pty Ltd, 3.7000%, 4/29/26	1,100,000	AUD	752,389
Real Estate Investment Trusts (REITs) – 1.4%
	Vicinity Centres Trust, 4.0000%, 4/26/27	1,950,000	AUD	1,432,037
Real Estate Management & Development – 0.6%
	QIC Finance Shopping Center Fund Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.2700%, 1.3679%, 8/15/25^‡	880,000	AUD	590,562
Supranational – 0.4%
	Inter-American Development Bank, 5.5000%, 8/23/21	33,100,000	INR	441,969
Technology – 0.8%
	Broadcom Inc, 2.2500%, 11/15/23 (144A)	210,000		216,975
	Broadcom Inc, 4.7000%, 4/15/25 (144A)	550,000		619,233
				836,208
Transportation – 1.3%
	Sydney Airport Finance Co Pty Ltd, 3.6250%, 4/28/26 (144A)	1,300,000		1,362,952
Total Corporate Bonds (cost $53,769,741)				53,880,817
Commercial Paper– 4.7%
	Energy Transfer Operating LP, 0%, 7/1/20 (Section 4(2))^◊	1,000,000		999,925
	Energy Transfer Operating LP, 0%, 7/2/20 (Section 4(2))^◊	1,000,000		999,851
	General Motors Financial Co Inc, 0%, 7/10/20 (Section 4(2))^◊	1,000,000		999,776
	Glencore Funding LLC, 0%, 7/6/20 (Section 4(2))^◊	1,000,000		999,905
	Jabil Inc, 0%, 7/6/20 (Section 4(2))^◊	1,000,000		999,562
Total Commercial Paper (cost $4,999,368)				4,999,019
Total Investments (total cost $94,775,899) – 88.7%				93,503,680
Cash, Receivables and Other Assets, net of Liabilities – 11.3%				11,863,385
Net Assets – 100%				$105,367,065


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
Australia	$61,434,035	65.7	%
United States	11,625,041	12.4
China	10,607,595	11.3
Germany	3,646,953	3.9
United Kingdom	3,144,476	3.4
Singapore	3,045,580	3.3



Total	$93,503,680	100.0	%


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Citibank, National Association:
Australian Dollar	8/26/20	3,700,000	$	(2,462,476)		90,723
Morgan Stanley & Co:
Australian Dollar	8/26/20	(98,000,000)		64,381,786		(3,243,480)
Korean Won	8/26/20	(360,000,000)		291,557		(8,237)
Thailand Baht	8/26/20	(12,500,000)		392,385		(12,081)

						(3,263,798)
UBS:
Australian Dollar	7/27/20	(1,700,000)		1,082,883		(90,131)
Total					$	(3,263,206)

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
2-Year US Treasury Note	128	10/5/20	$	28,266,000	$	9,000	$	2,000
Futures Sold:
10-Year US Treasury Note	2	9/30/20		(278,344)		(4,313)		313
3-Year Australian Bond	18	9/15/20		(1,453,667)		(608)		-
Total - Futures Sold						(4,921)		313
Total					$	4,079	$	2,313


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2020

Schedule of Centrally Cleared Interest Rate Swaps

Payments made

by Fund

Payments received

by Fund

Payment

Frequency

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Variation

Margin

Asset/(Liability)

AUD BBR 6M

0.7425% Fixed Rate

Semiannual

6/10/25

7,700,000

AUD

750

9,808

(1,270)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2020

	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 90,723	$ -	$ 90,723
Variation margin receivable	-	2,313	2,313

Total Asset Derivatives	$ 90,723	$ 2,313	$ 93,036
Liability Derivatives:
Forward foreign currency exchange contracts	$3,353,929	$ -	$3,353,929
Variation margin payable	-	1,270	1,270

Total Liability Derivatives	$3,353,929	$ 1,270	$3,355,199


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments

June 30, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 543,182	$ 543,182
Forward foreign currency exchange contracts	-	5,300,928	-	5,300,928
Purchased options contracts	-	172,294	(172,878)	(584)
Swap contracts	281,238	-	(95,357)	185,881
Written options contracts			(106,280)	(106,280)
Written swaption contracts	5,878	-	-	5,878

Total	$287,116	$ 5,473,222	$ 168,667	$ 5,929,005


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts			$ (22,929)	$ (22,929)
Forward foreign currency exchange contracts	-	(2,566,158)	-	(2,566,158)
Purchased options contracts	-	61,681	-	61,681
Swap contracts	-	-	(45,695)	(45,695)

Total	$ -	$(2,504,477)	$ (68,624)	$(2,573,101)

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2020

	Market Value^(a)
Credit default swaps, buy protection	$ (12,182)
Forward foreign currency exchange contracts, purchased	2,807,865
Forward foreign currency exchange contracts, sold	81,082,815
Futures contracts, purchased	77,399,759
Futures contracts, sold	32,903,870
Interest rate swaps, pay fixed rate/receive floating rate	(97,426)
Interest rate swaps, receive fixed rate/pay floating rate	98,764
Purchased options contracts, call	19,858
Purchased options contracts, put	246,538
Written options contracts, call	8,632
Written options contracts, put	84,735
Written swaption contracts, call	159

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information


FTSE 3-Month U.S. Treasury Bill Index	FTSE 3-Month U.S. Treasury Bill Index tracks the performance of short-term U.S. government debt securities.
London Interbank Offered Rate (LIBOR)	LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks offer one another and generally represents current cash rates.


AUD BBR 6M	Australian Bank Bill Swap Rate
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2020 is $2,199,160, which represents 2.1% of net assets.

4(2)

Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the year ended June 30, 2020 is $4,999,019, which represents 4.7% of net assets.


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


◊	Zero coupon bond.


12	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	34,623,844	$	-
Corporate Bonds			-		53,880,817		-
Commercial Paper			-		4,999,019		-
Total Investments in Securities		$	-	$	93,503,680	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		90,723		-
Variation Margin Receivable			2,313		-		-
Total Assets		$	2,313	$	93,594,403	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	3,353,929	$	-
Variation Margin Payable			-		1,270		-
Total Liabilities		$	-	$	3,355,199	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities

June 30, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	93,503,680
	Cash			15,314,625
	Deposits with brokers for centrally cleared derivatives			60,000
	Deposits with brokers for futures			80,000
	Forward foreign currency exchange contracts			90,723
	Cash denominated in foreign currency⁽²⁾			663,448
	Variation margin receivable			2,313
	Non-interested Trustees' deferred compensation			2,165
	Receivables:
		Interest		349,752
		Fund shares sold		67,149
	Other assets			973
Total Assets				110,134,828
Liabilities:
	Forward foreign currency exchange contracts			3,353,929
	Variation margin payable			1,270
	Payables:			—
		Investments purchased		1,000,940
		Fund shares repurchased		147,511
		Professional fees		81,799
		Advisory fees		44,587
		Transfer agent fees and expenses		16,657
		12b-1 Distribution and shareholder servicing fees		15,533
		Custodian fees		3,199
		Non-interested Trustees' deferred compensation fees		2,165
		Dividends		1,687
		Non-interested Trustees' fees and expenses		585
		Affiliated fund administration fees payable		217
		Accrued expenses and other payables		97,684
Total Liabilities				4,767,763
Net Assets			$	105,367,065


See Notes to Financial Statements.

14	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities

June 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	285,092,693
	Total distributable earnings (loss)		(179,725,628)
Total Net Assets		$	105,367,065
Net Assets - Class A Shares		$	16,158,387
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,792,625
Net Asset Value Per Share⁽³⁾		$	9.01
Maximum Offering Price Per Share⁽⁴⁾		$	9.46
Net Assets - Class C Shares		$	14,387,640
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,597,635
Net Asset Value Per Share⁽³⁾		$	9.01
Net Assets - Class D Shares		$	19,645,996
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,179,291
Net Asset Value Per Share		$	9.01
Net Assets - Class I Shares		$	36,830,855
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,093,315
Net Asset Value Per Share		$	9.00
Net Assets - Class N Shares		$	2,533,803
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		281,316
Net Asset Value Per Share		$	9.01
Net Assets - Class R Shares		$	654,168
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		72,526
Net Asset Value Per Share		$	9.02
Net Assets - Class S Shares		$	152,803
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,944
Net Asset Value Per Share		$	9.02
Net Assets - Class T Shares		$	15,003,413
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,665,917
Net Asset Value Per Share		$	9.01

(1) Includes cost of $94,775,899.

(2) Includes cost of $663,448.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations

For the year ended June 30, 2020



Investment Income:
	Interest		$	3,222,080
	Dividends⁽¹⁾			(38,493)
	Other income			21,665
Total Investment Income				3,205,252
Expenses:
	Advisory fees			743,755
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		50,703
		Class C Shares		143,451
		Class R Shares		4,305
		Class S Shares		373
	Transfer agent administrative fees and expenses:
		Class D Shares		15,818
		Class R Shares		2,153
		Class S Shares		373
		Class T Shares		47,535
	Transfer agent networking and omnibus fees:
		Class A Shares		8,586
		Class C Shares		11,187
		Class I Shares		24,781
	Other transfer agent fees and expenses:
		Class A Shares		1,846
		Class C Shares		1,335
		Class D Shares		2,733
		Class I Shares		2,255
		Class N Shares		114
		Class R Shares		26
		Class S Shares		11
		Class T Shares		557
	Registration fees			106,427
	Professional fees			73,268
	Non-affiliated fund administration fees			68,591
	Shareholder reports expense			67,569
	Custodian fees			15,238
	Affiliated fund administration fees			2,861
	Non-interested Trustees’ fees and expenses			1,734
	Other expenses			21,090
Total Expenses				1,418,675
Less: Excess Expense Reimbursement and Waivers				(337,342)
Net Expenses				1,081,333
Net Investment Income/(Loss)				2,123,919


See Notes to Financial Statements.

16	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations

For the year ended June 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	30,105
	Purchased options contracts		(584)
	Forward foreign currency exchange contracts		5,300,928
	Futures contracts		543,182
	Swap contracts		185,881
	Written options contracts		(106,280)
	Written swaption contracts		5,878
Total Net Realized Gain/(Loss) on Investments			5,959,110
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(1,400,464)
	Purchased options contracts		61,681
	Forward foreign currency exchange contracts		(2,566,158)
	Futures contracts		(22,929)
	Swap contracts		(45,695)
Total Change in Unrealized Net Appreciation/Depreciation			(3,973,565)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	4,109,464

(1) This amount was initially recorded as dividend income during the Fund’s prior fiscal year, however has been reclassified as a tax return of capital during the current reporting period as a result of 2019 tax reporting information provided by the issuer in 2020.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Absolute Return Income Opportunities Fund

Statements of Changes in Net Assets



			Year ended June 30, 2020		Year ended June 30, 2019

Operations:
	Net investment income/(loss)		$	2,123,919	$	19,827,441
	Net realized gain/(loss) on investments			5,959,110		(13,313,382)
	Change in unrealized net appreciation/depreciation			(3,973,565)		14,918,915
Net Increase/(Decrease) in Net Assets Resulting from Operations				4,109,464		21,432,974
Dividends and Distributions to Shareholders:
		Class A Shares		(526,375)		(1,386,506)
		Class C Shares		(301,833)		(759,779)
		Class D Shares		(327,176)		(352,346)
		Class I Shares		(1,260,089)		(24,148,587)
		Class N Shares		(71,239)		(252,144)
		Class R Shares		(19,980)		(26,111)
		Class S Shares		(3,661)		(37,461)
		Class T Shares		(530,882)		(1,721,295)
Net Decrease from Dividends and Distributions to Shareholders				(3,041,235)		(28,684,229)
Capital Share Transactions:
		Class A Shares		(9,432,851)		(36,694,149)
		Class C Shares		(4,750,340)		(27,005,160)
		Class D Shares		10,139,699		(3,122,304)
		Class I Shares		(21,213,315)		(1,102,440,602)
		Class N Shares		59,019		(75,336,326)
		Class R Shares		(302,273)		(15,119)
		Class S Shares		(8,426)		(1,373,731)
		Class T Shares		(9,083,613)		(86,843,462)
Net Increase/(Decrease) from Capital Share Transactions				(34,592,100)		(1,332,830,853)
Net Increase/(Decrease) in Net Assets				(33,523,871)		(1,340,082,108)
Net Assets:
	Beginning of period			138,890,936		1,478,973,044
	End of period		$	105,367,065	$	138,890,936


See Notes to Financial Statements.

18	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.93	$8.88	$9.64	$9.70	$9.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.18	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.15	0.16	(0.70)	0.14	0.06
	Total from Investment Operations		0.32	0.34	(0.56)	0.33	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.29)	(0.20)	(0.38)	(0.13)
		Return of capital	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.24)	(0.29)	(0.20)	(0.39)	(0.25)
	Net Asset Value, End of Period		$9.01	$8.93	$8.88	$9.64	$9.70
	Total Return*		3.64%	3.85%	(5.91)%	3.51%	2.54%
	Net Assets, End of Period (in thousands)		$16,158	$25,377	$62,043	$123,769	$85,242
	Average Net Assets for the Period (in thousands)		$20,287	$42,125	$107,328	$103,307	$81,615
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.24%	1.03%	1.00%	1.01%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	0.99%	1.00%	1.01%	1.01%
		Ratio of Net Investment Income/(Loss)	1.87%	2.01%	1.43%	1.94%	1.90%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%


Class C Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.92	$8.88	$9.63	$9.69	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.11	0.07	0.12	0.11
		Net realized and unrealized gain/(loss)	0.17	0.15	(0.69)	0.14	0.07
	Total from Investment Operations		0.27	0.26	(0.62)	0.26	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.22)	(0.13)	(0.31)	(0.09)
		Return of capital	—	—	—	(0.01)	(0.09)
	Total Dividends and Distributions		(0.18)	(0.22)	(0.13)	(0.32)	(0.18)
	Net Asset Value, End of Period		$9.01	$8.92	$8.88	$9.63	$9.69
	Total Return*		3.03%	2.96%	(6.49)%	2.75%	1.87%
	Net Assets, End of Period (in thousands)		$14,388	$18,983	$45,990	$60,913	$45,452
	Average Net Assets for the Period (in thousands)		$15,398	$30,267	$58,477	$54,205	$45,549
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.96%	1.81%	1.72%	1.75%	1.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.68%	1.76%	1.72%	1.75%	1.76%
		Ratio of Net Investment Income/(Loss)	1.12%	1.22%	0.69%	1.22%	1.12%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.94	$8.89	$9.64	$9.70	$9.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.16	0.17	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.17	0.17	(0.68)	0.15	0.06
	Total from Investment Operations		0.33	0.34	(0.54)	0.34	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.29)	(0.21)	(0.39)	(0.13)
		Return of capital	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.26)	(0.29)	(0.21)	(0.40)	(0.25)
	Net Asset Value, End of Period		$9.01	$8.94	$8.89	$9.64	$9.70
	Total Return*		3.69%	3.95%	(5.73)%	3.55%	2.53%
	Net Assets, End of Period (in thousands)		$19,646	$9,437	$12,526	$16,621	$14,162
	Average Net Assets for the Period (in thousands)		$13,252	$10,576	$15,676	$15,427	$13,166
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.04%	0.92%	0.97%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.90%	0.92%	0.97%	1.01%
		Ratio of Net Investment Income/(Loss)	1.84%	1.91%	1.50%	2.01%	1.92%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%


Class I Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.92	$8.88	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.19	0.23	0.16	0.21	0.21
		Net realized and unrealized gain/(loss)	0.15	0.12	(0.69)	0.15	0.07
	Total from Investment Operations		0.34	0.35	(0.53)	0.36	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.31)	(0.23)	(0.41)	(0.15)
		Return of capital	—	—	—	(0.01)	(0.13)
	Total Dividends and Distributions		(0.26)	(0.31)	(0.23)	(0.42)	(0.28)
	Net Asset Value, End of Period		$9.00	$8.92	$8.88	$9.64	$9.70
	Total Return*		3.88%	3.99%	(5.67)%	3.79%	2.90%
	Net Assets, End of Period (in thousands)		$36,831	$57,628	$1,166,188	$1,685,309	$1,168,251
	Average Net Assets for the Period (in thousands)		$43,004	$652,474	$1,704,727	$1,409,826	$1,035,919
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.00%	0.76%	0.75%	0.74%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.74%	0.75%	0.74%	0.75%
		Ratio of Net Investment Income/(Loss)	2.09%	2.61%	1.67%	2.22%	2.15%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

20	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.93	$8.89	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.19	0.27	0.16	0.22	0.21
		Net realized and unrealized gain/(loss)	0.16	0.08	(0.68)	0.14	0.07
	Total from Investment Operations		0.35	0.35	(0.52)	0.36	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.31)	(0.23)	(0.41)	(0.15)
		Return of capital	—	—	—	(0.01)	(0.13)
	Total Dividends and Distributions		(0.27)	(0.31)	(0.23)	(0.42)	(0.28)
	Net Asset Value, End of Period		$9.01	$8.93	$8.89	$9.64	$9.70
	Total Return*		3.94%	4.00%	(5.51)%	3.82%	2.93%
	Net Assets, End of Period (in thousands)		$2,534	$2,454	$78,752	$5,444	$3,967
	Average Net Assets for the Period (in thousands)		$2,426	$7,437	$31,271	$5,122	$3,265
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.06%	0.62%	0.66%	0.71%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.57%	0.66%	0.71%	0.73%
		Ratio of Net Investment Income/(Loss)	2.10%	2.79%	1.80%	2.25%	2.22%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%


Class R Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.94	$8.89	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.13	0.11	0.09	0.14	0.15
		Net realized and unrealized gain/(loss)	0.15	0.18	(0.69)	0.15	0.06
	Total from Investment Operations		0.28	0.29	(0.60)	0.29	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.24)	(0.15)	(0.34)	(0.11)
		Return of capital	—	—	—	(0.01)	(0.10)
	Total Dividends and Distributions		(0.20)	(0.24)	(0.15)	(0.35)	(0.21)
	Net Asset Value, End of Period		$9.02	$8.94	$8.89	$9.64	$9.70
	Total Return*		3.17%	3.37%	(6.28)%	3.05%	2.15%
	Net Assets, End of Period (in thousands)		$654	$950	$959	$551	$211
	Average Net Assets for the Period (in thousands)		$862	$949	$836	$343	$162
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%	1.80%	1.52%	1.47%	1.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.42%	1.46%	1.52%	1.47%	1.46%
		Ratio of Net Investment Income/(Loss)	1.40%	1.27%	0.91%	1.42%	1.56%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.94	$8.89	$9.63	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.15	0.18	0.11	0.17	0.17
		Net realized and unrealized gain/(loss)	0.15	0.13	(0.69)	0.14	0.07
	Total from Investment Operations		0.30	0.31	(0.58)	0.31	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.26)	(0.16)	(0.37)	(0.13)
		Return of capital	—	—	—	(0.01)	(0.11)
	Total Dividends and Distributions		(0.22)	(0.26)	(0.16)	(0.38)	(0.24)
	Net Asset Value, End of Period		$9.02	$8.94	$8.89	$9.63	$9.70
	Total Return*		3.44%	3.58%	(6.08)%	3.24%	2.51%
	Net Assets, End of Period (in thousands)		$153	$160	$1,500	$1,071	$541
	Average Net Assets for the Period (in thousands)		$149	$1,251	$949	$716	$463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.45%	1.48%	1.26%	1.21%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.29%	1.22%	1.17%	1.14%
		Ratio of Net Investment Income/(Loss)	1.62%	1.97%	1.17%	1.75%	1.79%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%


Class T Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$8.92	$8.88	$9.63	$9.69	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.19	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.17	0.14	(0.68)	0.15	0.07
	Total from Investment Operations		0.34	0.33	(0.54)	0.34	0.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.29)	(0.21)	(0.39)	(0.14)
		Return of capital	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.25)	(0.29)	(0.21)	(0.40)	(0.26)
	Net Asset Value, End of Period		$9.01	$8.92	$8.88	$9.63	$9.69
	Total Return*		3.82%	3.78%	(5.73)%	3.58%	2.60%
	Net Assets, End of Period (in thousands)		$15,003	$23,902	$111,015	$217,138	$164,055
	Average Net Assets for the Period (in thousands)		$19,046	$51,775	$193,808	$193,689	$173,502
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	0.98%	0.93%	0.95%	0.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.93%	0.92%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.92%	2.13%	1.49%	2.02%	1.92%
	Portfolio Turnover Rate		11%	170%	119%	145%	149%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Absolute Return Income Opportunities Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to maximize total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Class D Shares are closed to certain new investors.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting priciples ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Funds have adopted an auto-conversion policy pursuant to which Class C Shares that have been held for ten years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the tenth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares. Please contact your financial intermediary for additional information.

Class D Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus Henderson funds. Class D Shares are available only to investors who hold accounts directly with the Janus Henderson funds, to immediate family members or members of the same household of an eligible individual investor, and to existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds. Effective July 6, 2020, Class D Shares are open to new investors.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson


Janus Investment Fund	23

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.


24	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2020 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.


Janus Investment Fund	25

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or the Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2020 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.


26	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital's ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	27

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation


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is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the year, the Fund purchased put options on bond futures in order to reduce interest rate risk exposure where reducing this exposure via other markets such as the cash bond market was less attractive.

During the year, the Fund purchased call options on foreign exchange rates vs. the U.S. dollar in order to increase foreign currency exposure and reduce U.S. dollar exposure where increasing this exposure via the options market was most attractive.

During the year, the Fund purchased put options on foreign exchange rates vs. the U.S. dollar in order to decrease foreign currency exposure and increase U.S. dollar exposure where decreasing this exposure via the options market was most attractive.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the year, the Fund wrote call options on bond futures in order to reduce interest rate risk where reducing this exposure via other markets such as the cash bond market was less attractive.

There were no options held at June 30, 2020.


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Notes to Financial Statements

Options on Swap Contracts (Swaptions)

The Fund may purchase or write covered and uncovered put and call options on swap contracts, commonly referred to as “swaptions”. Swaption contracts grant the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time.

Swaptions can be used for a variety of purposes, including to manage the Fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund's exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk. Because the use of swaptions generally does not involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that the Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.

Interest rate written receiver swaptions, if exercised by the purchaser, allow the Fund to short interest rates by entering into a pay fixed/receive float interest rate swap. Selling the interest rate receiver option reduces the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates rise and/or implied interest rate volatility decreases. Interest rate written payer swaptions, if exercised by the purchaser, allow the Fund to take a long position on interest rates by entering into a receive fixed/pay float interest rate swap. Selling the interest rate payer option increases the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates fall and/or implied interest rate volatility decreases. Credit default written receiver swaptions, if exercised by the purchaser, allow the Fund to buy credit protection through credit default swaps. Selling the credit default receiver option reduces the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) increases. Credit default written payer swaptions, if exercised by the purchaser, allow the Fund to sell credit protection through credit default swaps. Selling the credit default payer option increases the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) decreases. Swaptions purchased are reported in the Schedule of Investments (if applicable).

Swaptions written are reported as a liability on the Statement of Assets and Liabilities as “Swaptions written, at value” (if applicable).

During the year, the Fund sold credit default receiver swaptions (call) in order to gain credit market volatility exposure and to reduce credit exposure.

There were no swaptions held at June 30, 2020.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.


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swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements and index credit default swaps (“CDX”), for investment purposes and to add leverage to its portfolio. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to liquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.


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Notes to Financial Statements

CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

There were no credit default swaps held at June 30, 2020.

The Fund’s use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.

During the year, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.

During the year, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.

3. Other Investments and Strategies

Additional Investment Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.


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and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record low levels. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (commonly known as “Brexit”). The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, during which the United Kingdom will remain subject to EU laws and regulations. There is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

Certain areas of the world have historically been prone to and economically sensitive to environmental events such as, but not limited to, hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, tornadoes, mudslides, or other weather-related phenomena. Such disasters, and the resulting physical or economic damage, could have a severe and negative impact on the Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests to conduct their businesses as they would under normal conditions. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

LIBOR Replacement Risk

The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (LIBOR) as a reference rate for various rate calculations. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. However, global consensus on alternative


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Notes to Financial Statements

rates is lacking. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could adversely impact (i) volatility and liquidity in markets that are tied to LIBOR, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other interest rates may adversely affect the Fund’s performance and/or net asset value. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Markets are slowly developing in response to these new rates. Uncertainty regarding the process for amending existing contracts or instruments to transition away from LIBOR remains a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Geographic Investment Risk

To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Emerging Market Investing

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely


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Notes to Financial Statements

to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2020” table located in the Fund’s Schedule of Investments.


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Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Citibank, National Association		$	90,723	$	—	$	—	$	90,723

Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Morgan Stanley & Co		$	3,263,798	$	—	$	—	$	3,263,798
UBS			90,131		—		—		90,131

Total		$	3,353,929	$	—	$	—	$	3,353,929
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	0.65
Next $2 Billion	0.62
Over $3 Billion	0.60

The Fund’s actual investment advisory fee rate for the reporting period was 0.65% of average annual net assets before any applicable waivers.

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Kapstream Capital Pty Limited (Australia) ("Kapstream"), pursuant to which certain employees of Kapstream may also serve as employees or as "associated persons" of Janus Capital. In this capacity, employees of Kapstream are subject to the oversight and


36	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital. The responsibilities of both Janus Capital and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2019. The previous expense limit (until at least November 1, 2019) was 0.73%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Prior to July 1, 2019, the Fund’s Class D Shares paid an administrative services fee at an annual rate of 0.12% of the average daily net assets of Class D Shares for shareholder services provided by Janus Services. Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.


Janus Investment Fund	37

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $473,267 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2020 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2020 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $457,150 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2020.


38	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the year ended June 30, 2020, Janus Henderson Distributors retained upfront sales charges of $475.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the year ended June 30, 2020.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2020, redeeming shareholders of Class C Shares paid CDSCs of $167.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended June 30, 2020, the Fund engaged in cross trades amounting to $5,557,206 in purchases and $20,607,943 in sales, resulting in a net realized gain of $85,769. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ -	$(177,773,624)	$ (540,138)	$ -	$ (5,045)	$ (1,406,821)

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2020, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(80,039,760)	$(97,733,864)	$ (177,773,624)


Janus Investment Fund	39

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

During the year ended June 30, 2020, capital loss carryovers of $4,397,314 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2020 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 94,910,501	$ 904,412	$ (2,311,233)	$ (1,406,821)

Information on the tax components of derivatives as of June 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (3,245,688)	$ 9,808	$ (12,689)	$ (2,881)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 3,041,235	$ -	$ -	$ -


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 28,684,229	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (864)	$ (889,221)	$ 890,085


40	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2020		Year ended June 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	274,917	$ 2,463,124	443,537	$ 3,926,548
Reinvested dividends and distributions	43,732	391,616	120,349	1,066,237
Shares repurchased	(1,367,440)	(12,287,591)	(4,706,934)	(41,686,934)
Net Increase/(Decrease)	(1,048,791)	$ (9,432,851)	(4,143,048)	$ (36,694,149)
Class C Shares:
Shares sold	271,932	$ 2,437,483	211,405	$ 1,870,027
Reinvested dividends and distributions	30,383	271,797	72,798	644,671
Shares repurchased	(831,985)	(7,459,620)	(3,338,169)	(29,519,858)
Net Increase/(Decrease)	(529,670)	$ (4,750,340)	(3,053,966)	$ (27,005,160)
Class D Shares:
Shares sold	2,352,336	$ 21,165,321	54,846	$ 486,968
Reinvested dividends and distributions	33,907	303,888	36,822	326,648
Shares repurchased	(1,263,119)	(11,329,510)	(444,987)	(3,935,920)
Net Increase/(Decrease)	1,123,124	$ 10,139,699	(353,319)	$ (3,122,304)
Class I Shares:
Shares sold	718,864	$ 6,445,380	3,888,596	$ 34,398,246
Reinvested dividends and distributions	137,661	1,232,379	2,406,155	21,311,596
Shares repurchased	(3,221,475)	(28,891,074)	(131,103,909)	(1,158,150,444)
Net Increase/(Decrease)	(2,364,950)	$(21,213,315)	(124,809,158)	$(1,102,440,602)
Class N Shares:
Shares sold	92,111	$ 827,109	38,594	$ 328,224
Reinvested dividends and distributions	7,951	71,198	28,606	252,073
Shares repurchased	(93,587)	(839,288)	(8,652,947)	(75,916,623)
Net Increase/(Decrease)	6,475	$ 59,019	(8,585,747)	$ (75,336,326)
Class R Shares:
Shares sold	10,517	$ 94,340	38,100	$ 337,302
Reinvested dividends and distributions	2,230	19,980	2,942	26,111
Shares repurchased	(46,495)	(416,593)	(42,667)	(378,532)
Net Increase/(Decrease)	(33,748)	$ (302,273)	(1,625)	$ (15,119)
Class S Shares:
Shares sold	10,984	$ 98,727	459,590	$ 4,044,392
Reinvested dividends and distributions	405	3,632	4,225	37,461
Shares repurchased	(12,324)	(110,785)	(614,648)	(5,455,584)
Net Increase/(Decrease)	(935)	$ (8,426)	(150,833)	$ (1,373,731)
Class T Shares:
Shares sold	197,970	$ 1,772,517	380,616	$ 3,351,622
Reinvested dividends and distributions	57,517	514,870	190,310	1,683,736
Shares repurchased	(1,267,926)	(11,371,000)	(10,398,780)	(91,878,820)
Net Increase/(Decrease)	(1,012,439)	$ (9,083,613)	(9,827,854)	$ (86,843,462)

The Fund experienced increased shareholder redemptions as a result of the change in portfolio management during the year ended June 30, 2019.

7. Purchases and Sales of Investment Securities

For the year ended June 30, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Janus Investment Fund	41

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$11,874,217	$ 56,245,969	$ -	$ -

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08") to amend the amortization period for certain purchased callable debt securities held at a premium. The guidance requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. Management has adopted the amendments as of the beginning of this fiscal period.

The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) in August 2018. The new guidance removes, modifies and enhances the disclosures to Topic 820. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. An entity is permitted, and Management has decided, to early adopt the removed and modified disclosures in these financial statements. Management is also evaluating the implications related to the new disclosure requirements and has not yet determined the impact to the financial statements.

The FASB issued Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in March 2020. The new guidance in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of 2021. For new and existing contracts, Funds may elect to apply the guidance as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of the ASU’s adoption to the Fund’s financial statements.

9. Other Matters

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been declared a pandemic by the World Health Organization. The impact of COVID-19 has been, and may continue to be, highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. This may impact liquidity in the marketplace, which in turn may affect the Fund's ability to meet redemption requests. Public health crises caused by the COVID-19 pandemic may exacerbate other pre-existing political, social, and economic risks in certain countries or globally. The duration of the COVID-19 pandemic and its effects cannot be determined with certainty, and could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective.

10. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2020 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


42	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Absolute Return Income Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Absolute Return Income Opportunities Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the five years in the period ended June 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	43

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund is required to disclose its complete holdings as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. Historically, the Fund filed its complete portfolio holdings (schedule of investments) with the SEC for the first and third quarters each fiscal year on Form N-Q. The Fund’s Form N-PORT and Form N-Q filings: (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each Fund of Janus Investment Fund (together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreements for the Janus Henderson Funds that utilize subadvisers.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and the respective subadvisers in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 5, 2019, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Janus Henderson Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2020 through February 1, 2021, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Janus Henderson Funds, noting that Janus Capital generally, does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent and quality of the services provided by Janus Capital or the subadviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory and subadvisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that Janus Capital and each subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2019, approximately 69% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2019, approximately 71% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.


Janus Investment Fund	45

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.


Janus Investment Fund	47

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management fees (investment advisory and any administration but excluding out-of-pocket costs) for many of the Janus Henderson Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other mutual funds; (2) the total expenses, on average, were 10% under the average total expenses of their respective Broadridge Expense Group


Janus Investment Fund	49

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 7% under the average management fees for their Expense Groups. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

For certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson Funds are reasonable in relation to the management fees Janus Capital charges to funds subadvised by Janus Capital and to the fees Janus Capital charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs; and (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; (4) 11 of 12 Janus Henderson Funds have lower management fees than similar funds subadvised by Janus Capital; and (5) six of nine Janus Henderson Funds have lower management fees than similar separate accounts managed by Janus Capital.

The Trustees considered the fees for each Fund for its fiscal year ended in 2018, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	51

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Global Value Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson International Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is


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Additional Information (unaudited)

necessarily a product of the allocation methodology utilized by Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found that (1) the expense allocation methodology and rationales utilized by Janus Capital were reasonable and (2) no clear correlation between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that Janus Capital’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson Funds, were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees Janus Capital and the subadvisers charge to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by Janus Capital and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in November 2019 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 64% of these Janus Henderson Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge expense group averages. They also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) as the assets of some of the Janus Henderson Funds have declined in the past few years, certain Janus Henderson Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined; (3) performance fee structures have been implemented for various Janus Henderson Funds that have caused the effective rate of advisory fees payable by such a Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and (4) a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant’s conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Janus


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Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson Fund. The Trustees concluded that Janus Capital’s and the subadvisers’ use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by Janus Capital and its affiliates and subadvisers pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and Janus Capital and the subadvisers may potentially benefit from their relationship with each other in other ways. They concluded that Janus Capital and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by Janus Capital and its affiliates. They also concluded that Janus Capital and/or the subadvisers benefit from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from Janus Capital’s and/or the subadvisers’ receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.

LIQUIDITY RISK MANAGEMENT PROGRAM

Janus Henderson Funds (other than the money market funds) have adopted and implemented a written liquidity risk management program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). Rule 22e-4, requires open-end funds to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The LRMP incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio investments; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.

The Trustees have designated Janus Capital Management LLC, the Fund’s investment adviser (“Janus Capital”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various groups within Janus Capital’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP.

The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). During the annual period ended June 30, 2020, the Program Administrator provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Program Administrator Report, and the Fund was able to process redemptions during the normal course of business during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that:


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Additional Information (unaudited)

· the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule; and

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.

There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.


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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was June 30, 2020. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


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The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected. If you compare the Fund’s “Net Decrease from Dividends and Distributions” to “Reinvested Dividends and Distributions,” you will notice that dividends and distributions have little effect on the Fund’s net assets. This is because the majority of the Fund’s investors reinvest their dividends and/or distributions.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the


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Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.


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Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years).

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of Janus Capital. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant. Formerly, Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


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Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jason England 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Absolute Return Income Opportunities Fund	6/19-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, senior vice president and portfolio manager at Pacific Investment Management Company (1994-2015).
Nick Maroutsos 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Absolute Return Income Opportunities Fund	2/19-Present	Head of Global Bonds of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Founder and Managing Director at Kapstream Capital (2006-Present).


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Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President and Head of North America at Janus Henderson Investors (since 2017), President and Head of North America at Janus Capital Management LLC (since 2013 and 2017, respectively), President at Janus Capital Group Inc. (since 2013), President and Director at Janus International Holding LLC (since 2019 and 2011, respectively), President at Janus Holdings LLC (since 2019), President and Director at Janus Management Holdings Corporation (since 2017 and 2012, respectively), Executive Vice President and Head of North America at Janus Distributors LLC (since 2011 and 2019, respectively), Vice President and Director at Intech Investment Management LLC (since 2012), and Executive Vice President at Perkins Investment Management LLC (since 2011). Formerly, Executive Vice President at Janus Capital Group Inc., Janus International Holding LLC, and Janus Management Holdings Corporation (2011-2019), Director at Perkins Investment Management LLC (2011-2019), and Chief Financial Officer at Janus Capital Group Inc. (2011-2013).


68	JUNE 30, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), and Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017-September 2017), and Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Officer, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	69

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93024 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Adaptive Global Allocation Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Adaptive Global Allocation Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	28
Statement of Assets and Liabilities	31
Statement of Operations	33
Statements of Changes in Net Assets	35
Financial Highlights	36
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	59
Additional Information	60
Useful Information About Your Fund Report	73
Designation Requirements	76
Trustees and Officers	77

Janus Henderson Adaptive Global Allocation Fund (unaudited)

FUND SNAPSHOT

This global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

Ashwin Alankar

portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Adaptive Global Allocation Fund Class I Shares returned -2.78% for the 12-month period ended June 30, 2020. This compares with a return of 2.11% for its primary benchmark, the MSCI All Country World Index^SM. The Fund’s secondary benchmark, the Adaptive Global Allocation 60/40 Index (Hedged), an internally calcuated index comprised of the MSCI All Country World Index (60%) and the Bloomberg Barclays Global Aggregate Bond Index (Hedged) (40%), returned 4.20%. Its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 6.07%.

MARKET ENVIRONMENT

Financial markets endured a turbulent period as the global economy reacted to the sharp curtailment in activity due to the rapid spread of the COVID-19 coronavirus. After having softened earlier in the period, riskier assets rallied on expectations that a viable solution to the U.S.-China trade impasse would be found. After reaching record highs, U.S. stocks – along with global equities – quickly entered bear-market territory as the pandemic spread. Interest rates plummeted on the flight to safety and substantial reductions in benchmark rates by monetary authorities. Investment-grade corporate credits incurred temporary losses as the difference between their yields and those on risk-free benchmarks widened considerably. By the end of the period, riskier assets recovered much of their lost ground as investors were comforted by the scale of government and central bank initiatives aimed at supporting the global economy.

PERFORMANCE DISCUSSION

For the period, the Fund underperformed against its 60% equity and 40% bond benchmark. Underperformance stemmed from the recovery in equities post the March lows. This was the fastest recovery from a bear market in history, propelled by historic monetary and fiscal stimulus.

Equipped with a risk management focus to limit drawdown risk, the Fund successfully de-risked as the crisis unfolded, drastically cutting its equity exposures from its end-of-2019 level of 88%. This de-risking cushioned against the sharp equity sell-off. However, the speed of the equities turnaround was unprecedented and the Fund was not able to re-risk fast enough to keep pace with the velocity of the market. This is not to say that the Fund did not switch to “offense” quickly, but relative to the speed of the equity market gains, the re-risking lagged.

Our options implied signals of equity attractiveness improved in mid-March, but our use of momentum was a headwind to increase risk quickly. Momentum signals serve as ballast seeking to protect against large losses and, over time, can deliver protection cost-effectively. However at times of rapid mean reversion, the cost of this protection can turn out to be costly, and this period just witnessed was the perhaps greatest mean reverting event on record. While “whipsaw” costs due to fast mean reversion pose a challenge to the Fund’s strategy, episodes like this are not the norm.

We believe that compound returns are most affected by tail risks, not average returns. For that key reason, the Fund’s focus is on mitigating drawdowns while capturing upside opportunities. Our proprietary technology garners information constantly from the options markets, and we view their implied estimates of tail risk as robust and reliable indicators of future risk. The strategy sees these indicators as extremely useful in dynamically managing the risk of an investment in order to enhance compound returns. While the Fund dynamically allocates to equities, at any time, equity weightings could vary. The typical average equity weight is less than 100% .Thus, the Fund may underperform during a period of consistently strong equity performance.

We view investment risk as having two components: drawdown risk and upside risk. Of course, while


Janus Investment Fund	1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

compound returns are most affected by drawdowns (left tail risk), we believe that not participating in upside opportunities (right tail risk) is also risky.

During the period, with the aim of hedging certain exposures, the Fund used a series of derivative instruments including options, futures, swaps and forward exchange contracts. Since many of the derivatives we use, namely futures and certain options, are liquid, the Fund utilizes them as low-cost instruments to dynamically adjust exposures to desired targets. Other derivatives, including swaps and forward contracts, are also used to adjust portfolio exposures as conditions merit in a timely and/or cost-effective manner. This may lead to short positions in futures when exposures need to be adjusted downward.

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We believe significant risks lay ahead that the market may be ignoring. These risks include a disappointing fourth fiscal plan in the U.S., a Biden victory in the U.S. presidential election, permanent unemployment and a virus that is showing great resilience, with a vaccine that may arrive later rather than sooner.

The U.S. political landscape is much more divided than it was in March. This poses a greater challenge for a large fourth fiscal package. Furthermore, with the U.S. presidential election around the corner, time is not a friend. Should a package not be agreed upon within the next few weeks, there is a risk that any fiscal action would get delayed until after the election.

Current data not only point to a Biden victory, but also a potential sweep with the Democrats winning the Senate. Stronger regulations and wealth redistribution are pillars of the Democratic platform and certainly pose a risk to financial markets and the economy. Unemployment remains at high levels. There is no doubt that we have seen significant improvement in labor data, but the fact is the numbers are dire. Changes are important, but so are levels. Sustained unemployment leads to permanent job losses, which in turn leads to permanently lower consumption.

Lastly, the virus has neither disappeared nor has it taken a break. As we enter the fall, we may see an even bigger wave of infections unfold, impacting school openings and business travel. The hope of a vaccine being available by the end of this year or early 2021 is still fraught with risk. A vaccine has never been developed this quickly and drugs are notorious for failing phase 3 trials after stellar phase 1 and 2 results.

Thank you for investing in Janus Henderson Adaptive Global Allocation Fund.


2	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

June 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Vanguard S&P 500
Exchange-Traded Funds (ETFs)	11.2%
Vanguard FTSE All-World ex-US
Exchange-Traded Funds (ETFs)	4.0%
Vanguard Small-Cap
Exchange-Traded Funds (ETFs)	3.7%
Walt Disney Co
Entertainment	3.6%
Apple Inc
Technology Hardware, Storage & Peripherals	3.6%
	26.1%


Asset Allocation - (% of Net Assets)
Investment Companies	43.6%
Common Stocks	41.1%
Investments Purchased with Cash Collateral from Securities Lending	12.6%
OTC Purchased Options – Calls	0.5%
Preferred Stocks	0.0%
OTC Purchased Options – Puts	0.0%
Rights	0.0%
Other		2.2%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of June 30, 2020

As of June 30, 2019


Janus Investment Fund	3

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-3.24%	3.36%	2.70%	1.84%	1.12%
Class A Shares at MOP	-8.81%	2.15%	1.50%
Class C Shares at NAV	-3.30%	2.84%	2.19%	2.58%	1.84%
Class C Shares at CDSC	-4.25%	2.84%	2.19%
Class D Shares⁽¹⁾	-2.90%	3.48%	2.84%	1.53%	0.96%
Class I Shares	-2.78%	3.65%	2.99%	1.45%	0.87%
Class N Shares	-2.84%	3.65%	3.01%	1.36%	0.81%
Class S Shares	-3.05%	3.35%	2.69%	2.10%	1.31%
Class T Shares	-3.09%	3.47%	2.81%	1.72%	1.06%
MSCI All Country World Index	2.11%	6.46%	5.75%
Adaptive Global Allocation 60/40 Index (Hedged)	4.20%	5.92%	5.51%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	6.07%	4.44%	4.47%
Morningstar Quartile - Class I Shares	3rd	2nd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	284/488	167/410	190/410

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


4	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2019.

There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective June 1, 2020, Ashwin Alankar is sole Portfolio Manager of the Fund.

*The Fund’s inception date – June 23, 2015

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$932.30	$4.85	$1,000.00	$1,019.84	$5.07	1.01%
Class C Shares		$1,000.00	$931.30	$6.87	$1,000.00	$1,017.75	$7.17	1.43%
Class D Shares		$1,000.00	$934.30	$4.28	$1,000.00	$1,020.44	$4.47	0.89%
Class I Shares		$1,000.00	$935.30	$2.45	$1,000.00	$1,022.33	$2.56	0.51%
Class N Shares		$1,000.00	$934.50	$3.66	$1,000.00	$1,021.08	$3.82	0.76%
Class S Shares		$1,000.00	$933.50	$5.29	$1,000.00	$1,019.39	$5.52	1.10%
Class T Shares		$1,000.00	$933.30	$4.81	$1,000.00	$1,019.89	$5.02	1.00%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts			Value
Common Stocks– 41.1%
Aerospace & Defense – 0.1%
	Airbus SE*	19	$1,352
	BAE Systems PLC	432	2,584
	CAE Inc	221	3,585
	General Dynamics Corp	42	6,277
	Howmet Aerospace Inc	151	2,393
	Huntington Ingalls Industries Inc	13	2,268
	L3Harris Technologies Inc	22	3,733
	Leonardo SpA	50	331
	Meggitt PLC	620	2,257
	Raytheon Technologies Corp	84	5,176
	Thales SA	15	1,210
			31,166
Air Freight & Logistics – 0.1%
	Bollore SA	415	1,301
	Deutsche Post AG*	11	401
	Expeditors International of Washington Inc	86	6,539
	FedEx Corp	151	21,173
			29,414
Airlines – 0.6%
	Alaska Air Group Inc	11	399
	American Airlines Group Inc^#	8,780	114,755
	ANA Holdings Inc*	100	2,275
	Delta Air Lines Inc	953	26,732
	easyJet PLC	18	151
	Southwest Airlines Co	4,416	150,939
	United Airlines Holdings Inc*	118	4,084
			299,335
Auto Components – 0%
	Aptiv PLC	113	8,805
	Bridgestone Corp	100	3,218
	Cie Generale des Etablissements Michelin SCA*	24	2,486
	NGK Spark Plug Co Ltd	100	1,433
	Nokian Renkaat Oyj	218	4,778
	Valeo SA	24	629
	Yokohama Rubber Co Ltd	100	1,405
			22,754
Automobiles – 0%
	Daimler AG*	24	973
	Ferrari NV	21	3,578
	Fiat Chrysler Automobiles NV*	243	2,437
	Mitsubishi Motors Corp	300	741
	Peugeot SA*	132	2,143
	Renault SA*	186	4,708
	Toyota Motor Corp	100	6,274
			20,854
Banks – 0.4%
	Aozora Bank Ltd	200	3,482
	Banco de Sabadell SA	9,902	3,430
	Bank of East Asia Ltd	3,200	7,315
	Bankia SA	1,720	1,829
	Bankinter SA	562	2,675
	Barclays PLC	676	956
	Bendigo & Adelaide Bank Ltd	768	3,732
	BOC Hong Kong Holdings Ltd	2,500	7,938
	Chiba Bank Ltd	300	1,414
	Citizens Financial Group Inc	381	9,616
	Commerzbank AG*	120	534
	Commonwealth Bank of Australia	24	1,155
	Concordia Financial Group Ltd	600	1,921


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Banks – (continued)
	DNB ASA*	273	$3,614
	Hang Seng Bank Ltd	1,500	25,327
	Intesa Sanpaolo SpA*	2,848	5,440
	Japan Post Bank Co Ltd	2,500	18,593
	KeyCorp	1,155	14,068
	National Australia Bank Ltd	2,710	34,253
	Oversea-Chinese Banking Corp Ltd	1,500	9,709
	People's United Financial Inc	91	1,053
	Raiffeisen Bank International AG*	196	3,486
	Regions Financial Corp	362	4,025
	Seven Bank Ltd	2,000	5,472
	Shizuoka Bank Ltd	500	3,214
	Standard Chartered PLC	101	550
	Sumitomo Mitsui Financial Group Inc	200	5,625
	Svenska Handelsbanken AB*	109	1,034
	United Overseas Bank Ltd	400	5,820
	Westpac Banking Corp	187	2,329
			189,609
Beverages – 0.1%
	Brown-Forman Corp	335	21,326
	Coca-Cola Amatil Ltd	390	2,337
	Coca-Cola Bottlers Japan Holdings Inc	100	1,813
	Coca-Cola Co	478	21,357
	Coca-Cola HBC AG*	207	5,194
	Davide Campari-Milano SpA*	702	5,907
	Heineken NV	86	7,919
	Suntory Beverage & Food Ltd	100	3,900
	Treasury Wine Estates Ltd	268	1,940
			71,693
Biotechnology – 0.8%
	AbbVie Inc	38	3,731
	Alexion Pharmaceuticals Inc*	176	19,754
	Amgen Inc	9	2,123
	BeiGene Ltd (ADR)*	10	1,884
	Biogen Inc*	46	12,307
	CSL Ltd	40	7,928
	Gilead Sciences Inc	3,820	293,911
	Grifols SA	560	16,986
	Incyte Corp*	168	17,467
	Vertex Pharmaceuticals Inc*	62	17,999
			394,090
Building Products – 0.1%
	Allegion PLC	154	15,742
	AO Smith Corp	155	7,304
	Cie de Saint-Gobain*	6	216
	Masco Corp	58	2,912
			26,174
Capital Markets – 0.4%
	3i Group PLC	131	1,349
	ASX Ltd	96	5,671
	BlackRock Inc	4	2,176
	CI Financial Corp	138	1,756
	Deutsche Boerse AG	19	3,434
	E*TRADE Financial Corp	266	13,228
	Franklin Resources Inc	126	2,642
	Hong Kong Exchanges & Clearing Ltd	500	21,310
	Invesco Ltd	224	2,410
	Japan Exchange Group Inc	400	9,241
	London Stock Exchange Group PLC	89	9,205


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Capital Markets – (continued)
	MSCI Inc	21	$7,010
	Nasdaq Inc	351	41,934
	Partners Group Holding AG	17	15,398
	S&P Global Inc	70	23,064
	Schroders PLC	110	4,014
	Singapore Exchange Ltd	2,000	12,005
	State Street Corp	58	3,686
			179,533
Chemicals – 0.4%
	Air Liquide SA	100	14,408
	Air Products & Chemicals Inc	6	1,449
	Air Water Inc	100	1,411
	Albemarle Corp	62	4,787
	BASF SE	127	7,096
	Celanese Corp	143	12,347
	CF Industries Holdings Inc	136	3,827
	Clariant AG*	728	14,282
	Covestro AG (144A)*	74	2,808
	Daicel Corp	300	2,318
	DuPont de Nemours Inc	49	2,603
	Eastman Chemical Co	83	5,780
	Ecolab Inc	65	12,932
	Evonik Industries AG	124	3,141
	FMC Corp	153	15,242
	Givaudan SA	6	22,323
	Incitec Pivot Ltd	1,749	2,272
	International Flavors & Fragrances Inc^#	45	5,511
	JSR Corp	100	1,930
	Kaneka Corp	100	2,598
	Kansai Paint Co Ltd	100	2,108
	LANXESS AG*	29	1,524
	Mitsubishi Gas Chemical Co Inc	200	3,026
	Mosaic Co	311	3,891
	Nissan Chemical Corp	100	5,123
	Orica Ltd	187	2,149
	Sherwin-Williams Co	10	5,778
	Showa Denko KK	100	2,242
	Sumitomo Chemical Co Ltd	700	2,092
	Symrise AG	41	4,756
	Teijin Ltd	200	3,179
	Tosoh Corp	300	4,092
	Umicore SA	103	4,843
	Yara International ASA	419	14,564
			198,432
Commercial Services & Supplies – 0.1%
	Brambles Ltd	236	1,775
	Cintas Corp	28	7,458
	Copart Inc*	31	2,581
	Edenred	111	4,849
	G4S PLC	1,661	2,341
	Rollins Inc	62	2,628
	Toppan Printing Co Ltd	100	1,667
	Waste Management Inc	78	8,261
			31,560
Communications Equipment – 0.1%
	Arista Networks Inc*	35	7,351
	Cisco Systems Inc	269	12,546
	Nokia OYJ	6,053	26,506


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Communications Equipment – (continued)
	Telefonaktiebolaget LM Ericsson	554	$5,118
			51,521
Construction & Engineering – 0%
	Bouygues SA*	123	4,195
	CIMIC Group Ltd	87	1,457
	Ferrovial SA	443	11,778
	Jacobs Engineering Group Inc	20	1,696
	Skanska AB*	40	813
			19,939
Construction Materials – 0.1%
	Boral Ltd	1,457	3,829
	HeidelbergCement AG	224	11,934
	Imerys SA	79	2,688
	James Hardie Industries PLC (CDI)	187	3,568
	LafargeHolcim Ltd*	111	4,856
	Martin Marietta Materials Inc	43	8,883
	Taiheiyo Cement Corp	200	4,626
	Vulcan Materials Co	66	7,646
			48,030
Consumer Finance – 0%
	Acom Co Ltd	1,400	5,337
	Synchrony Financial	77	1,706
			7,043
Containers & Packaging – 0.1%
	Avery Dennison Corp	206	23,503
	Ball Corp	57	3,961
	CCL Industries Inc	309	9,989
	International Paper Co	174	6,127
	Packaging Corp of America	131	13,074
	Sealed Air Corp	124	4,073
	Westrock Co	44	1,243
			61,970
Distributors – 0%
	LKQ Corp*	812	21,274
Diversified Consumer Services – 0%
	Benesse Holdings Inc	100	2,690
	H&R Block Inc	498	7,111
			9,801
Diversified Financial Services – 0%
	AMP Ltd*	3,148	4,035
	Berkshire Hathaway Inc*	11	1,964
	Eurazeo SA*	42	2,151
	Groupe Bruxelles Lambert SA	9	754
	Industrivarden AB*	299	6,767
	Wendel SA*	37	3,523
			19,194
Diversified Telecommunication Services – 0.3%
	AT&T Inc	2,367	71,554
	BCE Inc	33	1,377
	BT Group PLC	1,710	2,413
	CenturyLink Inc	232	2,327
	Deutsche Telekom AG	33	552
	Elisa OYJ	165	10,029
	HKT Trust & HKT Ltd	2,000	2,940
	Iliad SA*	9	1,754
	Koninklijke KPN NV	3,547	9,394
	Orange SA	111	1,326
	PCCW Ltd	8,000	4,565
	Singapore Telecommunications Ltd	2,000	3,538


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Diversified Telecommunication Services – (continued)
	Swisscom AG (REG)	6	$3,139
	Telefonica Deutschland Holding AG	2,624	7,739
	Telefonica SA	2,651	12,685
	Telenor ASA	158	2,303
	Telia Co AB	874	3,262
	Telstra Corp Ltd	774	1,675
	TELUS Corp	468	7,851
			150,423
Electric Utilities – 0.2%
	American Electric Power Co Inc	188	14,972
	AusNet Services	1,190	1,372
	Chugoku Electric Power Co Inc	300	4,006
	CLP Holdings Ltd	500	4,896
	Duke Energy Corp	141	11,264
	Electricite de France SA	266	2,449
	Emera Inc	20	787
	Endesa SA	134	3,298
	Enel SpA	592	5,100
	Eversource Energy	8	666
	Exelon Corp	173	6,278
	FirstEnergy Corp	63	2,443
	Fortum Oyj	76	1,442
	Iberdrola SA	1,122	12,994
	Kyushu Electric Power Co Inc	100	839
	NextEra Energy Inc	21	5,044
	Power Assets Holdings Ltd	1,500	8,146
	PPL Corp	239	6,176
	Red Electrica Corp SA	285	5,312
	Southern Co	44	2,281
	SSE PLC	199	3,359
	Terna Rete Elettrica Nazionale SpA	1,317	9,041
	Tohoku Electric Power Co Inc	100	951
	Tokyo Electric Power Co Holdings Inc*	100	307
			113,423
Electrical Equipment – 0.1%
	AMETEK Inc	159	14,210
	Fuji Electric Co Ltd	100	2,734
	Legrand SA	34	2,580
	Melrose Industries PLC	1,403	1,977
	Prysmian SpA	19	439
	Rockwell Automation Inc	25	5,325
	Siemens Gamesa Renewable Energy SA*	468	8,282
			35,547
Electronic Equipment, Instruments & Components – 0.3%
	Alps Alpine Co Ltd	100	1,282
	Amphenol Corp	72	6,898
	CDW Corp/DE	611	70,986
	Hexagon AB*	350	20,407
	IPG Photonics Corp*	13	2,085
	Keysight Technologies Inc*	199	20,055
	Kyocera Corp	100	5,442
	TE Connectivity Ltd	214	17,452
	Venture Corp Ltd	100	1,164
			145,771
Energy Equipment & Services – 0.1%
	Baker Hughes Co	650	10,003
	Halliburton Co	682	8,852
	National Oilwell Varco Inc	421	5,157
	Schlumberger Ltd	632	11,622


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Energy Equipment & Services – (continued)
	TechnipFMC PLC	332	$2,271
	Tenaris SA	765	4,931
	WorleyParsons Ltd	224	1,357
			44,193
Entertainment – 4.4%
	Activision Blizzard Inc	339	25,730
	Electronic Arts Inc*	344	45,425
	Konami Holdings Corp	100	3,332
	Netflix Inc*	581	264,378
	Take-Two Interactive Software Inc*	182	25,402
	Ubisoft Entertainment SA*	25	2,059
	Vivendi SA	622	15,941
	Walt Disney Co	15,623	1,742,121
			2,124,388
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc	29	4,705
	American Tower Corp	20	5,171
	Apartment Investment & Management Co	86	3,237
	Ascendas Real Estate Investment Trust	2,100	4,789
	AvalonBay Communities Inc	43	6,650
	Boston Properties Inc	22	1,988
	British Land Co PLC	112	535
	CapitaLand Commercial Trust	2,500	3,040
	CapitaLand Mall Trust	1,400	1,974
	Covivio	23	1,664
	Dexus	367	2,338
	Duke Realty Corp	80	2,831
	Equity Residential	87	5,117
	Essex Property Trust Inc	15	3,438
	Extra Space Storage Inc	24	2,217
	Federal Realty Investment Trust	50	4,261
	Gecina SA	2	247
	GPT Group	1,037	2,997
	H&R Real Estate Investment Trust	173	1,244
	Healthpeak Properties Inc	64	1,764
	Klepierre SA	51	1,015
	Macerich Co^#	58	520
	Mid-America Apartment Communities Inc	40	4,587
	Mirvac Group	971	1,461
	Nippon Building Fund Inc	1	5,693
	Nippon Prologis REIT Inc	3	9,119
	Nomura Real Estate Master Fund Inc	16	19,220
	Public Storage	12	2,303
	Regency Centers Corp	19	872
	RioCan Real Estate Investment Trust	146	1,652
	Scentre Group	3,331	5,014
	Stockland	1,392	3,196
	UDR Inc	88	3,289
	Ventas Inc	102	3,735
	Vornado Realty Trust	15	573
	Weyerhaeuser Co	448	10,062
			132,518
Food & Staples Retailing – 1.0%
	Alimentation Couche-Tard Inc	215	6,743
	Dairy Farm International Holdings Ltd	100	466
	George Weston Ltd	109	7,986
	J Sainsbury PLC	1,132	2,924
	Kroger Co	369	12,491
	Loblaw Cos Ltd	140	6,818


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Food & Staples Retailing – (continued)
	METRO AG	731	$6,906
	Metro Inc/CN	241	9,943
	Seven & i Holdings Co Ltd	100	3,264
	Sundrug Co Ltd	100	3,305
	Tesco PLC	332	937
	Walgreens Boots Alliance Inc	310	13,141
	Walmart Inc	3,184	381,380
	Wm Morrison Supermarkets PLC	2,498	5,892
	Woolworths Group Ltd	426	10,982
			473,178
Food Products – 0.4%
	Ajinomoto Co Inc	100	1,662
	Associated British Foods PLC	172	4,075
	Barry Callebaut AG (REG)	1	1,906
	Calbee Inc	100	2,766
	Campbell Soup Co	319	15,832
	Conagra Brands Inc	180	6,331
	Danone SA*	56	3,869
	Hershey Co	286	37,071
	Hormel Foods Corp	630	30,410
	Kellogg Co	325	21,469
	Lamb Weston Holdings Inc	168	10,740
	McCormick & Co Inc/MD	178	31,935
	Nestle SA (REG)	120	13,261
	Orkla ASA	815	7,147
	Tyson Foods Inc	107	6,389
	WH Group Ltd (144A)	1,000	858
	Yakult Honsha Co Ltd	100	5,887
	Yamazaki Baking Co Ltd	100	1,718
			203,326
Gas Utilities – 0.1%
	APA Group	209	1,609
	Hong Kong & China Gas Co Ltd	3,360	5,196
	Naturgy Energy Group SA	422	7,843
	Snam SpA	915	4,450
	Toho Gas Co Ltd	100	4,999
	Tokyo Gas Co Ltd	100	2,392
			26,489
Health Care Equipment & Supplies – 1.4%
	Align Technology Inc*	8	2,196
	Asahi Intecc Co Ltd	100	2,842
	Baxter International Inc	276	23,764
	Boston Scientific Corp*	372	13,061
	Carl Zeiss Meditec AG*	107	10,425
	Cooper Cos Inc	49	13,898
	Hologic Inc*	958	54,606
	IDEXX Laboratories Inc*	4	1,321
	Intuitive Surgical Inc*	20	11,397
	Koninklijke Philips NV	70	3,259
	Medtronic PLC	4,684	429,523
	ResMed Inc	201	38,592
	Smith & Nephew PLC	703	13,095
	Sonova Holding AG (REG)	1	199
	Straumann Holding AG	26	22,305
	Teleflex Inc	41	14,923
	Varian Medical Systems Inc*	112	13,722
	Zimmer Biomet Holdings Inc	67	7,997
			677,125


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Health Care Providers & Services – 0.4%
	Alfresa Holdings Corp	100	$2,082
	Anthem Inc	12	3,156
	Centene Corp*	114	7,245
	CVS Health Corp	291	18,906
	Fresenius Medical Care AG & Co KGaA*	126	10,742
	Fresenius SE & Co KGaA*	475	23,444
	Henry Schein Inc*	273	15,940
	Laboratory Corp of America Holdings*	223	37,043
	McKesson Corp	13	1,994
	Medipal Holdings Corp	100	1,925
	Quest Diagnostics Inc	372	42,393
	Ramsay Health Care Ltd	118	5,437
	Sonic Healthcare Ltd	298	6,289
	UnitedHealth Group Inc	16	4,719
	Universal Health Services Inc	188	17,463
			198,778
Health Care Technology – 0%
	Cerner Corp	94	6,444
	M3 Inc	100	4,253
			10,697
Hotels, Restaurants & Leisure – 3.1%
	Accor SA*	314	8,519
	Carnival Corp^#	2,494	40,951
	Carnival PLC	8	98
	Chipotle Mexican Grill Inc*	30	31,571
	Compass Group PLC	116	1,596
	Crown Resorts Ltd	493	3,294
	Darden Restaurants Inc	160	12,123
	Flight Centre Travel Group Ltd	11	85
	Flutter Entertainment PLC	89	11,681
	Galaxy Entertainment Group Ltd	1,000	6,790
	Las Vegas Sands Corp	3,529	160,711
	McDonald's Corp	5,266	971,419
	MGM China Holdings Ltd	2,400	3,120
	MGM Resorts International	5,659	95,071
	Norwegian Cruise Line Holdings Ltd*^,#	4,706	77,320
	Restaurant Brands International Inc	163	8,873
	Royal Caribbean Cruises Ltd	799	40,190
	Sands China Ltd	1,200	4,696
	Starbucks Corp	86	6,329
	Tabcorp Holdings Ltd	2,701	6,323
	Whitbread PLC	26	715
	Yum! Brands Inc	269	23,379
			1,514,854
Household Durables – 2.7%
	DR Horton Inc	300	16,635
	Hovnanian Enterprises Inc - Class A*	6,736	157,555
	Husqvarna AB	755	6,176
	Iida Group Holdings Co Ltd	100	1,532
	KB Home	4,790	146,957
	Lennar Corp	2,933	180,731
	Newell Brands Inc	301	4,780
	NVR Inc*	10	32,587
	PulteGroup Inc	4,567	155,415
	Roku Inc*	2,439	284,217
	Sekisui Chemical Co Ltd	200	2,861
	Toll Brothers Inc	4,834	157,540
	TRI Pointe Homes Inc*	11,345	166,658
			1,313,644


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Household Products – 0.4%
	Church & Dwight Co Inc	55	$4,252
	Clorox Co	331	72,611
	Colgate-Palmolive Co	511	37,436
	Henkel AG & Co KGaA	21	1,745
	Kimberly-Clark Corp	344	48,624
	Lion Corp	100	2,398
	Pigeon Corp	100	3,867
	Reckitt Benckiser Group PLC	133	12,238
			183,171
Independent Power and Renewable Electricity Producers – 0%
	Electric Power Development Co Ltd	100	1,896
	Uniper SE	377	12,166
			14,062
Industrial Conglomerates – 0.1%
	CK Hutchison Holdings Ltd	1,500	9,616
	Roper Technologies Inc	45	17,472
	Smiths Group PLC	107	1,868
			28,956
Information Technology Services – 1.0%
	Akamai Technologies Inc*	610	65,325
	Alliance Data Systems Corp	173	7,806
	Amadeus IT Group SA	109	5,671
	Atos SE*	138	11,745
	Broadridge Financial Solutions Inc	352	44,419
	Capgemini SA	65	7,435
	CGI Inc*	76	4,789
	Computershare Ltd	610	5,604
	DXC Technology Co	303	4,999
	Gartner Inc*	97	11,769
	Global Payments Inc	195	33,076
	International Business Machines Corp	51	6,159
	Jack Henry & Associates Inc	417	76,741
	Leidos Holdings Inc	117	10,959
	NTT Data Corp	100	1,113
	PayPal Holdings Inc*	345	60,109
	VeriSign Inc*	287	59,360
	Western Union Co	2,346	50,721
	Worldline SA/France (144A)*	180	15,550
			483,350
Insurance – 0.6%
	Aegon NV	309	919
	Ageas	223	7,886
	AIA Group Ltd	800	7,446
	Allstate Corp	112	10,863
	American International Group Inc	704	21,951
	Aon PLC	69	13,289
	Arthur J Gallagher & Co	281	27,395
	Assicurazioni Generali SpA	409	6,181
	Assurant Inc	97	10,019
	Chubb Ltd	41	5,191
	Cincinnati Financial Corp	194	12,422
	Direct Line Insurance Group PLC	5,242	17,576
	Everest Re Group Ltd	77	15,877
	Gjensidige Forsikring ASA*	389	7,168
	Great-West Lifeco Inc	237	4,155
	Hartford Financial Services Group Inc	37	1,426
	Insurance Australia Group Ltd	2,191	8,756
	Intact Financial Corp	144	13,707
	Japan Post Holdings Co Ltd	2,000	14,224


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Insurance – (continued)
	Legal & General Group PLC	243	$663
	Lincoln National Corp	173	6,365
	Loews Corp	310	10,630
	Mapfre SA	2,567	4,562
	Marsh & McLennan Cos Inc	79	8,482
	Medibank Pvt Ltd	1,847	3,820
	MetLife Inc	118	4,309
	MS&AD Insurance Group Holdings Inc	300	8,240
	NN Group NV	37	1,241
	Poste Italiane SpA (144A)	691	6,000
	Power Corp of Canada	189	3,325
	Progressive Corp	122	9,773
	QBE Insurance Group Ltd	839	5,156
	RSA Insurance Group PLC	1,286	6,518
	Sampo Oyj	112	3,848
	SCOR SE*	319	8,730
	Sony Financial Holdings Inc	300	7,221
	Travelers Cos Inc	52	5,931
			311,265
Interactive Media & Services – 2.0%
	Alphabet Inc - Class A*	399	565,802
	Facebook Inc*	1,372	311,540
	REA Group Ltd	15	1,122
	TripAdvisor Inc	327	6,216
	Twitter Inc*	1,983	59,074
	Z Holdings Corp	100	488
			944,242
Internet & Direct Marketing Retail – 1.6%
	Amazon.com Inc*	249	686,946
	Booking Holdings Inc*	3	4,777
	eBay Inc	973	51,034
	Expedia Group Inc	41	3,370
	Ocado Group PLC*	99	2,485
	Rakuten Inc	100	880
			749,492
Leisure Products – 0.1%
	Hasbro Inc	464	34,777
	Sankyo Co Ltd	100	2,417
			37,194
Life Sciences Tools & Services – 0.1%
	Illumina Inc*	33	12,222
	IQVIA Holdings Inc*	11	1,561
	Lonza Group AG	11	5,802
	Mettler-Toledo International Inc*	15	12,083
	PerkinElmer Inc	136	13,340
	Waters Corp*	51	9,200
			54,208
Machinery – 1.3%
	Alfa Laval AB*	186	4,076
	ANDRITZ AG*	66	2,400
	Caterpillar Inc	4,196	530,794
	CNH Industrial NV*	95	664
	Dover Corp	83	8,014
	Fortive Corp	278	18,809
	Hino Motors Ltd	100	676
	IDEX Corp	75	11,853
	Ingersoll Rand Inc*	11	309
	JTEKT Corp	100	777
	Kone OYJ	115	7,902


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Machinery – (continued)
	Metso OYJ*	104	$3,403
	MISUMI Group Inc	100	2,499
	Nabtesco Corp	100	3,081
	Sandvik AB*	59	1,101
	Schindler Holding AG	29	6,820
	Snap-on Inc	37	5,125
	Trane Technologies PLC	13	1,157
	Wartsila OYJ Abp	234	1,931
	Weir Group PLC	31	408
			611,799
Marine – 0%
	Nippon Yusen KK	100	1,407
Media – 0.3%
	Discovery Inc - Class A*^,#	1,051	22,176
	DISH Network Corp*	322	11,112
	Eutelsat Communications SA	45	415
	Hakuhodo DY Holdings Inc	100	1,189
	Interpublic Group of Cos Inc	1,326	22,754
	ITV PLC	1,660	1,534
	JCDecaux SA*	55	1,021
	News Corp	3,298	39,114
	Omnicom Group Inc	281	15,343
	Pearson PLC	395	2,823
	Publicis Groupe SA*	126	4,073
	RTL Group SA*	189	6,046
	SES SA	70	478
	Shaw Communications Inc	219	3,572
	Singapore Press Holdings Ltd	1,100	1,004
	Telenet Group Holding NV	87	3,577
	ViacomCBS Inc	959	22,364
			158,595
Metals & Mining – 0.3%
	Agnico Eagle Mines Ltd	176	11,271
	Anglo American PLC	58	1,340
	Antofagasta PLC	453	5,253
	Arconic Inc*	37	515
	Barrick Gold Corp	546	14,694
	BHP Group Ltd	310	7,691
	BlueScope Steel Ltd	247	2,003
	Boliden AB	274	6,225
	Evraz PLC	2,343	8,352
	Fortescue Metals Group Ltd	306	2,935
	Franco-Nevada Corp	48	6,706
	Freeport-McMoRan Inc	845	9,777
	Glencore PLC*	3,978	8,419
	Hitachi Metals Ltd	200	2,381
	Maruichi Steel Tube Ltd	100	2,484
	Newcrest Mining Ltd	333	7,422
	Newmont Goldcorp Corp	739	45,626
	Nippon Steel Corp	100	941
	Nucor Corp	156	6,460
	Rio Tinto PLC	43	2,419
	thyssenkrupp AG*	853	6,032
	voestalpine AG	14	301
			159,247
Multiline Retail – 0.1%
	Dollar Tree Inc*	61	5,653
	Dollarama Inc	36	1,198
	Harvey Norman Holdings Ltd	444	1,094


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Multiline Retail – (continued)
	Isetan Mitsukoshi Holdings Ltd	200	$1,147
	J Front Retailing Co Ltd	100	666
	Kohl's Corp	51	1,059
	Macy's Inc^#	579	3,984
	Marks & Spencer Group PLC	2,463	3,017
	Next PLC	68	4,117
	Nordstrom Inc^#	247	3,826
	Pan Pacific International Holdings Corp	100	2,193
	Target Corp	225	26,984
	Wesfarmers Ltd	333	10,340
			65,278
Multi-Utilities – 0.1%
	AGL Energy Ltd	283	3,337
	Atco Ltd/Canada	250	7,417
	Canadian Utilities Ltd	190	4,731
	Consolidated Edison Inc	95	6,833
	Dominion Energy Inc	89	7,225
	Public Service Enterprise Group Inc	292	14,355
	RWE AG	9	315
	Sempra Energy	33	3,869
	Suez	161	1,885
	Veolia Environnement SA	115	2,583
			52,550
Oil, Gas & Consumable Fuels – 0.8%
	Ampol Ltd	169	3,432
	Apache Corp	163	2,201
	BP PLC	4,103	15,591
	Cabot Oil & Gas Corp	949	16,304
	Canadian Natural Resources Ltd	50	867
	Chevron Corp	11	982
	Cimarex Energy Co	114	3,134
	Concho Resources Inc	87	4,480
	ConocoPhillips	560	23,531
	Devon Energy Corp	291	3,300
	Diamondback Energy Inc	119	4,977
	Eni SpA	1,937	18,443
	EOG Resources Inc	301	15,249
	Equinor ASA	1,013	14,412
	Exxon Mobil Corp	158	7,066
	Hess Corp	154	7,979
	Idemitsu Kosan Co Ltd	100	2,122
	Imperial Oil Ltd	388	6,243
	Keyera Corp	339	5,162
	Kinder Morgan Inc/DE	2,430	36,863
	Koninklijke Vopak NV	162	8,561
	Lundin Petroleum AB	191	4,598
	Marathon Oil Corp	1,152	7,050
	Marathon Petroleum Corp	273	10,205
	Neste Oyj	348	13,590
	Occidental Petroleum Corp	790	14,457
	Oil Search Ltd	845	1,860
	OMV AG*	544	18,161
	Origin Energy Ltd	943	3,819
	Ovintiv Inc	291	2,768
	Phillips 66	93	6,687
	Pioneer Natural Resources Co	154	15,046
	Santos Ltd	549	2,018
	Suncor Energy Inc	381	6,425
	TC Energy Corp	637	27,218


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	TOTAL SA	298	$11,350
	Valero Energy Corp	131	7,705
	Vermilion Energy Inc	317	1,411
	Washington H Soul Pattinson & Co Ltd	178	2,413
	Williams Cos Inc	550	10,461
	Woodside Petroleum Ltd	260	3,906
			372,047
Paper & Forest Products – 0.1%
	Mondi PLC	196	3,662
	Stora Enso Oyj	2,002	23,872
	UPM-Kymmene Oyj	150	4,328
			31,862
Personal Products – 0%
	Coty Inc	342	1,529
	Pola Orbis Holdings Inc	100	1,740
			3,269
Pharmaceuticals – 0.4%
	Astellas Pharma Inc	100	1,665
	AstraZeneca PLC	131	13,654
	Aurora Cannabis Inc*	17	210
	Bristol-Myers Squibb Co	339	19,933
	Eli Lilly & Co	276	45,314
	Merck KGaA	34	3,941
	Novartis AG	244	21,207
	Ono Pharmaceutical Co Ltd	100	2,909
	Roche Holding AG	64	22,165
	Sanofi	133	13,530
	Santen Pharmaceutical Co Ltd	100	1,839
	UCB SA	82	9,491
	Vifor Pharma AG	172	25,852
			181,710
Professional Services – 0.1%
	Bureau Veritas SA*	138	2,907
	IHS Markit Ltd	304	22,952
	SEEK Ltd	148	2,246
	Wolters Kluwer NV	36	2,808
			30,913
Real Estate Management & Development – 0.1%
	Aeon Mall Co Ltd	200	2,654
	CK Asset Holdings Ltd	500	2,973
	Deutsche Wohnen SE	25	1,121
	Henderson Land Development Co Ltd	3,000	11,361
	Hulic Co Ltd	300	2,842
	New World Development Co Ltd*	750	3,565
	Swire Pacific Ltd	1,000	5,290
	Swiss Prime Site AG (REG)	8	739
	Vonovia SE*	9	551
	Wharf Holdings Ltd	3,000	6,106
			37,202
Road & Rail – 0.1%
	Aurizon Holdings Ltd	1,802	6,134
	CSX Corp	136	9,485
	Hankyu Hanshin Holdings Inc	100	3,381
	MTR Corp Ltd	1,500	7,759
	Tokyu Corp	200	2,814
			29,573
Semiconductor & Semiconductor Equipment – 0.7%
	Advanced Micro Devices Inc*	733	38,563
	Applied Materials Inc	184	11,123


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	ASM Pacific Technology Ltd	100	$1,057
	ASML Holding NV	47	17,228
	Infineon Technologies AG	269	6,287
	Maxim Integrated Products Inc	78	4,728
	Microchip Technology Inc	62	6,529
	Micron Technology Inc*	170	8,758
	NVIDIA Corp	45	17,096
	NXP Semiconductors NV	12	1,368
	STMicroelectronics NV	413	11,203
	Xilinx Inc	1,984	195,206
			319,146
Software – 3.3%
	Adobe Inc*	87	37,872
	ANSYS Inc*	24	7,002
	Cadence Design Systems Inc*	127	12,187
	Citrix Systems Inc	271	40,084
	Dassault Systemes SE	69	11,891
	Fortinet Inc*	105	14,413
	Microsoft Corp	6,557	1,334,415
	NortonLifeLock Inc	957	18,977
	Open Text Corp	956	40,602
	Oracle Corp	274	15,144
	Sage Group PLC	790	6,568
	salesforce.com Inc*	93	17,422
	Synopsys Inc*	39	7,605
	Temenos AG (REG)	110	17,060
			1,581,242
Specialty Retail – 2.9%
	Advance Auto Parts Inc	54	7,692
	AutoZone Inc*	34	38,356
	CarMax Inc*	125	11,194
	Gap Inc	506	6,386
	Home Depot Inc	4,840	1,212,468
	Kingfisher PLC	3,211	8,771
	L Brands Inc	297	4,446
	O'Reilly Automotive Inc*	14	5,903
	Ross Stores Inc	166	14,150
	TJX Cos Inc	111	5,612
	Tractor Supply Co	349	45,995
	Ulta Beauty Inc*	136	27,665
			1,388,638
Technology Hardware, Storage & Peripherals – 3.6%
	Apple Inc	4,691	1,711,262
	Brother Industries Ltd	100	1,802
	FUJIFILM Holdings Corp	100	4,279
	Hewlett Packard Enterprise Co	350	3,406
	Konica Minolta Inc	100	345
	NEC Corp	100	4,796
	NetApp Inc	200	8,874
	Ricoh Co Ltd	300	2,141
	Seagate Technology PLC	106	5,131
	Seiko Epson Corp	100	1,144
	Western Digital Corp	10	442
			1,743,622
Textiles, Apparel & Luxury Goods – 2.5%
	adidas AG*	18	4,709
	Burberry Group PLC	23	455
	Capri Holdings Ltd*	287	4,486
	Cie Financiere Richemont SA	31	1,975


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

20	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods – (continued)
	EssilorLuxottica SA*	34	$4,357
	Gildan Activewear Inc	33	511
	Hanesbrands Inc	1,143	12,904
	Hermes International	2	1,669
	HUGO BOSS AG	61	1,842
	Kering SA	9	4,888
	Moncler SpA*	43	1,642
	NIKE Inc	11,419	1,119,633
	Puma SE*	37	2,853
	PVH Corp	145	6,967
	Ralph Lauren Corp	98	7,107
	Swatch Group AG	4	797
	Tapestry Inc	352	4,675
	Under Armour Inc*	354	3,448
			1,184,918
Tobacco – 0.1%
	Altria Group Inc	147	5,770
	British American Tobacco PLC	5	192
	Imperial Brands PLC	178	3,389
	Japan Tobacco Inc	900	16,701
	Philip Morris International Inc	286	20,037
	Swedish Match AB	107	7,515
			53,604
Trading Companies & Distributors – 0%
	Brenntag AG	15	787
	Bunzl PLC	110	2,949
	Sumitomo Corp	100	1,145
	Toyota Tsusho Corp	100	2,533
	WW Grainger Inc	51	16,022
			23,436
Transportation Infrastructure – 0%
	Aena SME SA (144A)*	18	2,396
	Aeroports de Paris	13	1,333
	Getlink SE*	477	6,874
	Sydney Airport	506	1,983
	Transurban Group	385	3,758
			16,344
Water Utilities – 0%
	American Water Works Co Inc	22	2,831
	United Utilities Group PLC	360	4,055
			6,886
Wireless Telecommunication Services – 0.2%
	1&1 Drillisch AG	61	1,578
	KDDI Corp	100	2,999
	NTT DOCOMO Inc	200	5,336
	Rogers Communications Inc	239	9,605
	Tele2 AB	75	994
	T-Mobile US Inc*	797	83,008
	Vodafone Group PLC	590	941
			104,461
Total Common Stocks (cost $19,625,553)			19,861,429
Preferred Stocks– 0%
Automobiles – 0%
	Porsche Automobil Holding SE	21	1,203
	Volkswagen AG	17	2,571
			3,774


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts				Value
Preferred Stocks– (continued)
Chemicals – 0%
	Fuchs Petrolub SE	138	$5,535
Total Preferred Stocks (cost $10,230)			9,309
Rights– 0%
Health Care Equipment & Supplies – 0%
	Koninklijke Philips NV*	70	67
Wireless Telecommunication Services – 0%
	T-Mobile US Inc*	797	134
Total Rights (cost $0)			201
Investment Companies– 43.6%
Exchange-Traded Funds (ETFs) – 43.6%
	Energy Select Sector SPDR Fund	2,209	83,611
	Financial Select Sector SPDR Fund	37,179	860,322
	Health Care Select Sector SPDR Fund	1,210	121,085
	Industrial Select Sector SPDR Fund^#	12,917	887,398
	Invesco QQQ Trust Series 1^#	2,774	686,842
	iShares 20+ Year Treasury Bond^#	9,123	1,495,533
	iShares 7-10 Year Treasury Bond^#	4,376	533,303
	iShares Agency Bond	4,328	524,121
	iShares iBoxx $ Investment Grade Corporate Bond	4,331	582,519
	iShares MSCI Canada	479	12,397
	iShares MSCI Mexico Capped^#	6,924	220,737
	Materials Select Sector SPDR Fund^#	14,479	815,892
	Nomura - TOPIX	62,239	942,140
	United States Oil Fund LP*	2,672	74,976
	Vanguard FTSE All-World ex-US	40,424	1,924,587
	Vanguard FTSE Emerging Markets	8,058	319,177
	Vanguard FTSE Europe^#	12,450	626,608
	Vanguard FTSE Pacific^#	8,824	561,648
	Vanguard High Dividend Yield	305	24,028
	Vanguard International High Dividend Yield	709	36,294
	Vanguard Long-Term Corporate Bond	398	42,303
	Vanguard Mid-Cap^#	153	25,078
	Vanguard Mortgage-Backed Securities	8,268	449,531
	Vanguard S&P 500	19,092	5,411,246
	Vanguard Small-Cap^#	12,324	1,795,853
	Vanguard Total International Bond^#	26,808	1,547,626
	Vanguard Value	4,420	440,188
Total Investment Companies (cost $19,361,224)			21,045,043
Investments Purchased with Cash Collateral from Securities Lending– 12.6%
Investment Companies – 10.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº,£	4,872,468	4,872,468
Time Deposits – 2.5%
	Royal Bank of Canada, 0.0900%, 7/1/20	$1,195,925	1,195,925
Total Investments Purchased with Cash Collateral from Securities Lending (cost $6,068,393)			6,068,393
OTC Purchased Options – Calls– 0.5%
Counterparty/Reference Asset
Goldman Sachs:
	American Airlines Group Inc,
	Notional amount $1,061,284, premiums paid $194,880, unrealized depreciation $(67,608), exercise price $19.00, expires 11/20/20*	812	127,272
	iShares MSCI Brazil,
	Notional amount $995,096, premiums paid $14,532, unrealized appreciation $1,858, exercise price $34.00, expires 8/21/20*	346	16,390
	Las Vegas Sands Corp,
	Notional amount $1,138,500, premiums paid $62,500, unrealized depreciation $(32,850), exercise price $57.50, expires 9/18/20*	250	29,650


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

22	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Shares/Principal/ Contract Amounts					Value
OTC Purchased Options – Calls– (continued)
Counterparty/Reference Asset
	Las Vegas Sands Corp,
	Notional amount $614,790, premiums paid $49,915, unrealized depreciation $(19,106), exercise price $52.50, expires 9/18/20*	135		$30,809
	SPDR S&P Homebuilders,
	Notional amount $961,410, premiums paid $28,908, unrealized depreciation $(10,107), exercise price $50.00, expires 9/18/20*	219		18,801
Total OTC Purchased Options – Calls (premiums paid $350,735, unrealized depreciation $(127,813))				222,922
OTC Purchased Options – Puts– 0%
Counterparty/Reference Asset
Goldman Sachs:
	SPDR S&P 500 Trust,
	Notional amount $(4,933,760), premiums paid $24,160, unrealized depreciation $(20,015), exercise price $285.00, expires 7/6/20* (premiums paid $24,160)	160	4,145
Total Investments (total cost $45,440,295) – 97.8%				47,211,442
Cash, Receivables and Other Assets, net of Liabilities – 2.2%				1,073,937
Net Assets – 100%				$48,285,379


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$43,970,437	93.1	%
Japan	1,278,385	2.7
Canada	254,820	0.5
Australia	222,708	0.5
France	211,199	0.5
United Kingdom	207,745	0.4
Switzerland	200,086	0.4
Hong Kong	158,736	0.3
Germany	155,691	0.3
Finland	101,629	0.2
Spain	99,741	0.2
Italy	74,584	0.2
Sweden	68,086	0.2
Netherlands	52,764	0.1
Norway	49,208	0.1
Singapore	43,043	0.1
Belgium	26,551	0.1
Austria	24,348	0.1
Ireland	11,681	0.0



Total	$47,211,442	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020

Schedule of Securities Sold Short – (% of Net Assets)


Shares			Value
Securities Sold Short – (0.9)%
Common Stocks Sold Short– (0.9)%
Capital Markets – (0.9)%
	CME Group Inc(proceeds $460,258)	2,646	$(430,081)


Summary of Investments by Country - (Short Positions) (unaudited)

		% of
		Securities
Country	Value	Sold Short
United States	$(430,081)	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/20
Investments Purchased with Cash Collateral from Securities Lending - 10.1%
Investment Companies - 10.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº	$	27,775^∆	$	-	$	-	$	4,872,468


		Value at 6/30/19		Purchases		Sales Proceeds		Value at 6/30/20
Investments Purchased with Cash Collateral from Securities Lending - 10.1%
Investment Companies - 10.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº		3,527,475		110,805,421		(109,460,428)		4,872,468


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

24	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar	9/24/20	(93,597)	$	64,242	$	(347)
British Pound	9/24/20	(73,000)		90,604		120
Canadian Dollar	9/24/20	(84,000)		61,511		(384)
Euro	9/24/20	(399,042)		448,398		(689)
Japanese Yen	9/24/20	(66,734,000)		623,494		4,613
Korean Won	9/24/20	(1,349,000)		1,122		(1)
Total					$	3,312

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10-Year US Treasury Note	25	9/30/20	$	3,479,297	$	7,031	$	(3,906)
CBOE VIX	7	7/22/20		216,125		(22,615)		(4,776)
E-Mini Russel 2000	53	9/18/20		3,809,640		121,415		36,255
Total - Futures Purchased						105,831		27,573
Futures Sold:
S&P 500 E-Mini	102	9/18/20		(15,760,275)		51,066		(217,005)
Total					$	156,897	$	(189,432)


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Goldman Sachs:


SPDR S&P 500 Trust	160	320.00	USD		7/10/20	$	(4,933,760)	$	20,160	$	7,293	$	(12,867)

Written Put Options:

Goldman Sachs:


American Airlines Group Inc	812	10.00	USD	11/20/20	1,061,284		189,196		18,682		(170,514)
iShares MSCI Brazil	346	20.00	USD	8/21/20	995,096		14,532		6,294		(8,238)
Las Vegas Sands Corp	250	40.00	USD	9/18/20	1,138,500		86,118		21,958		(64,160)
Las Vegas Sands Corp	135	35.00	USD	9/18/20	614,790		47,385		31,110		(16,275)
SPDR S&P Homebuilders	219	37.00	USD	9/18/20	961,410		29,127		4,052		(25,075)
Total - Written Put Options							366,358		82,096		(284,262)
Total OTC Written Options						$	386,518	$	89,389	$	(297,129)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2020

	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 4,733	$ -	$ -	$ 4,733
Purchased options, at value	-	227,067	-	227,067
Variation margin receivable	-	36,255	-	36,255

Total Asset Derivatives	$ 4,733	$263,322	$ -	$268,055
Liability Derivatives:
Forward foreign currency exchange contracts	$ 1,421	$ -	$ -	$ 1,421
Options written, at value	-	297,129	-	297,129
Variation margin payable	-	221,781	3,906	225,687

Total Liability Derivatives	$ 1,421	$518,910	$ 3,906	$524,237


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

26	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Commodity Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ (164,176)	$ -	$(2,476,347)	$ 434,292	$(2,206,231)
Forward foreign currency exchange contracts	-	(55,808)	-	-	(55,808)
Purchased options contracts	(71,400)	-	6,980,782	-	6,909,382
Written options contracts	(18,982)	-	(6,150,077)	-	(6,169,059)

Total	$ (254,558)	$(55,808)	$(1,645,642)	$ 434,292	$(1,521,716)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Commodity Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 174,566	$ 7,031	$ 181,597
Forward foreign currency exchange contracts	-	20,387	-	-	20,387
Purchased options contracts	-	-	(147,828)	-	(147,828)
Written options contracts	-	-	86,520	-	86,520

Total	$ -	$ 20,387	$ 113,258	$ 7,031	$ 140,676

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 3,486,380
Futures contracts, purchased	9,066,960
Futures contracts, sold	9,978,980
Purchased options contracts, call	149,105
Purchased options contracts, put	10,200
Written options contracts, call	120,633
Written options contracts, put	57,887

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


Adaptive Global Allocation 60/40 Index (Hedged)	Adaptive Global Allocation 60/40 Index (Hedged) is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) (40%).
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.


ADR	American Depositary Receipt
CDI	Clearing House Electronic Subregister System Depositary Interest
LLC	Limited Liability Company
LP	Limited Partnership
OTC	Over-the-Counter
PLC	Public Limited Company
REG	Registered
SPDR	Standard & Poor's Depositary Receipt

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2020.


#	Loaned security; a portion of the security is on loan at June 30, 2020.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


28	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Aerospace & Defense	$	23,432	$	7,734	$	-
Air Freight & Logistics		27,712		1,702		-
Airlines		296,909		2,426		-
Auto Components		8,805		13,949		-
Banks		28,762		160,847		-
Beverages		42,683		29,010		-
Biotechnology		369,176		24,914		-
Building Products		25,958		216		-
Capital Markets		97,906		81,627		-
Chemicals		74,147		124,285		-
Commercial Services & Supplies		20,928		10,632		-
Communications Equipment		19,897		31,624		-
Construction & Engineering		1,696		18,243		-
Construction Materials		16,529		31,501		-
Consumer Finance		1,706		5,337		-
Containers & Packaging		61,970		-		-
Distributors		21,274		-		-
Diversified Consumer Services		7,111		2,690		-
Diversified Financial Services		1,964		17,230		-
Diversified Telecommunication Services		83,109		67,314		-
Electric Utilities		49,911		63,512		-
Electrical Equipment		19,535		16,012		-
Electronic Equipment, Instruments & Components		117,476		28,295		-
Energy Equipment & Services		37,905		6,288		-
Entertainment		2,103,056		21,332		-
Equity Real Estate Investment Trusts (REITs)		70,216		62,302		-
Food & Staples Retailing		438,502		34,676		-
Food Products		160,177		43,149		-
Health Care Equipment & Supplies		625,000		52,125		-
Health Care Providers & Services		148,859		49,919		-
Health Care Technology		6,444		4,253		-
Hotels, Restaurants & Leisure		1,467,937		46,917		-
Household Durables		1,303,075		10,569		-
Household Products		162,923		20,248		-
Industrial Conglomerates		17,472		11,484		-
Information Technology Services		436,232		47,118		-
Insurance		185,110		126,155		-
Interactive Media & Services		942,632		1,610		-
Internet & Direct Marketing Retail		746,127		3,365		-
Leisure Products		34,777		2,417		-
Life Sciences Tools & Services		48,406		5,802		-
Machinery		576,061		35,738		-
Media		136,435		22,160		-
Metals & Mining		95,049		64,198		-
Multiline Retail		42,704		22,574		-
Multi-Utilities		44,430		8,120		-
Oil, Gas & Consumable Fuels		247,771		124,276		-
Personal Products		1,529		1,740		-


Janus Investment Fund	29

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


Pharmaceuticals			65,457		116,253		-
Professional Services			22,952		7,961		-
Road & Rail			9,485		20,088		-
Semiconductor & Semiconductor Equipment			283,371		35,775		-
Software			1,545,723		35,519		-
Specialty Retail			1,379,867		8,771		-
Technology Hardware, Storage & Peripherals			1,729,115		14,507		-
Textiles, Apparel & Luxury Goods			1,159,731		25,187		-
Tobacco			25,807		27,797		-
Trading Companies & Distributors			16,022		7,414		-
Water Utilities			2,831		4,055		-
Wireless Telecommunication Services			92,613		11,848		-
All Other			-		148,220		-
Preferred Stocks			-		9,309		-
Rights			134		67		-
Investment Companies			20,102,903		942,140		-
Investments Purchased with Cash Collateral from Securities Lending			-		6,068,393		-
OTC Purchased Options – Calls			-		222,922		-
OTC Purchased Options – Puts			-		4,145		-
Total Investments in Securities		$	37,933,436	$	9,278,006	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		4,733		-
Variation Margin Receivable			36,255		-		-
Total Assets		$	37,969,691	$	9,282,739	$	-
Liabilities
Investments In Securities:
Common Stocks		$	430,081	$	-	$	-
Total Investments in Securities		$	430,081	$	-	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		1,421		-
Options Written, at Value			-		297,129		-
Variation Margin Payable			225,687		-		-
Total Liabilities		$	655,768	$	298,550	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


30	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	42,111,907
	Affiliated investments, at value⁽³⁾			4,872,468
	Purchased options, at value⁽⁴⁾			227,067
	Cash			5,717,945
	Deposits with brokers for futures			2,000,000
	Deposits with brokers for short sales			460,258
	Forward foreign currency exchange contracts			4,733
	Closed foreign currency contracts			3,616
	Variation margin receivable			36,255
	Non-interested Trustees' deferred compensation			992
	Receivables:
		Fund shares sold		7,010,341
		Investments sold		106,743
		Due from adviser		36,133
		Dividends		28,588
		Foreign tax reclaims		2,606
	Other assets			3,028
Total Assets				62,622,680
Liabilities:
	Collateral for securities loaned (Note 3)			6,068,393
	Short sales, at value⁽⁵⁾			430,081
	Forward foreign currency exchange contracts			1,421
	Options written, at value⁽⁶⁾			297,129
	Closed foreign currency contracts			51,818
	Variation margin payable			225,687
	Payables:			—
		Fund shares repurchased		6,999,550
		Investments purchased		131,468
		Professional fees		51,216
		Advisory fees		30,074
		Custodian fees		5,037
		Transfer agent fees and expenses		1,939
		12b-1 Distribution and shareholder servicing fees		1,647
		Non-interested Trustees' deferred compensation fees		992
		Non-interested Trustees' fees and expenses		308
		Affiliated fund administration fees payable		100
		Accrued expenses and other payables		40,441
Total Liabilities				14,337,301
Net Assets			$	48,285,379


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	48,061,956
	Total distributable earnings (loss)		223,423
Total Net Assets		$	48,285,379
Net Assets - Class A Shares		$	84,356
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,627
Net Asset Value Per Share⁽⁷⁾		$	9.78
Maximum Offering Price Per Share⁽⁸⁾		$	10.38
Net Assets - Class C Shares		$	1,643,695
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		168,334
Net Asset Value Per Share⁽⁷⁾		$	9.76
Net Assets - Class D Shares		$	3,029,739
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		308,440
Net Asset Value Per Share		$	9.82
Net Assets - Class I Shares		$	342,415
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,805
Net Asset Value Per Share		$	9.84
Net Assets - Class N Shares		$	40,772,910
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,145,022
Net Asset Value Per Share		$	9.84
Net Assets - Class S Shares		$	1,263,203
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		128,687
Net Asset Value Per Share		$	9.82
Net Assets - Class T Shares		$	1,149,061
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		117,241
Net Asset Value Per Share		$	9.80

(1) Includes cost of $40,192,932.

(2) Includes $5,936,208 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $4,872,468.

(4) Premiums paid of $374,895.

(5) Proceeds $460,258.

(6) Premiums received $386,518.

(7) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(8) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

32	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations

For the year ended June 30, 2020



Investment Income:
	Dividends		$	1,245,149
	Interest			30,583
	Affiliated securities lending income, net			27,775
	Unaffiliated securities lending income, net			1,210
	Other income			5,470
	Foreign tax withheld			(13,536)
Total Investment Income				1,296,651
Expenses:
	Advisory fees			445,808
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,579
		Class C Shares		7,426
		Class S Shares		1,065
	Transfer agent administrative fees and expenses:
		Class D Shares		3,379
		Class S Shares		3,211
		Class T Shares		3,152
	Transfer agent networking and omnibus fees:
		Class A Shares		1,137
		Class C Shares		251
		Class I Shares		4,513
	Other transfer agent fees and expenses:
		Class A Shares		114
		Class C Shares		140
		Class D Shares		418
		Class I Shares		386
		Class N Shares		1,480
		Class S Shares		25
		Class T Shares		27
	Registration fees			118,991
	Non-affiliated fund administration fees			93,753
	Professional fees			55,558
	Custodian fees			12,977
	Short sales dividends expense			2,248
	Shareholder reports expense			1,980
	Affiliated fund administration fees			1,486
	Non-interested Trustees’ fees and expenses			1,282
	Other expenses			11,408
Total Expenses				774,794
Less: Excess Expense Reimbursement and Waivers				(316,777)
Net Expenses				458,017
Net Investment Income/(Loss)				838,634


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations

For the year ended June 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,413,610
	Purchased options contracts		6,909,382
	Forward foreign currency exchange contracts		(55,808)
	Futures contracts		(2,206,231)
	Short sales		(469,816)
	Written options contracts		(6,169,059)
Total Net Realized Gain/(Loss) on Investments			(577,922)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(1,476,568)
	Purchased options contracts		(147,828)
	Forward foreign currency exchange contracts		20,387
	Futures contracts		181,597
	Short sales		30,177
	Written options contracts		86,520
Total Change in Unrealized Net Appreciation/Depreciation			(1,305,715)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(1,045,003)


See Notes to Financial Statements.

34	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Year ended June 30, 2020		Year ended June 30, 2019

Operations:
	Net investment income/(loss)		$	838,634	$	1,551,971
	Net realized gain/(loss) on investments			(577,922)		(571,150)
	Change in unrealized net appreciation/depreciation			(1,305,715)		2,220,426
Net Increase/(Decrease) in Net Assets Resulting from Operations				(1,045,003)		3,201,247
Dividends and Distributions to Shareholders:
		Class A Shares		(18,590)		(120,007)
		Class C Shares		(34,187)		(69,592)
		Class D Shares		(61,068)		(118,346)
		Class I Shares		(239,483)		(756,351)
		Class N Shares		(1,058,964)		(2,436,252)
		Class S Shares		(28,724)		(56,970)
		Class T Shares		(29,913)		(116,855)
Net Decrease from Dividends and Distributions to Shareholders				(1,470,929)		(3,674,373)
Capital Share Transactions:
		Class A Shares		(2,393,604)		1,850,471
		Class C Shares		(50,870)		169,585
		Class D Shares		357,222		331,054
		Class I Shares		(14,905,185)		5,124,748
		Class N Shares		(3,017,882)		(5,503,928)
		Class S Shares		28,694		50,241
		Class T Shares		(98,974)		(1,209,569)
Net Increase/(Decrease) from Capital Share Transactions				(20,080,599)		812,602
Net Increase/(Decrease) in Net Assets				(22,596,531)		339,476
Net Assets:
	Beginning of period			70,881,910		70,542,434
	End of period		$	48,285,379	$	70,881,910


See Notes to Financial Statements.

Janus Investment Fund	35

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.32	$10.43	$10.55	$9.49	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.22	0.13	0.09	0.05
		Net realized and unrealized gain/(loss)	(0.43)	0.17	0.55	1.06	(0.23)
	Total from Investment Operations		(0.31)	0.39	0.68	1.15	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.09)	(0.18)	(0.09)	(0.02)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.23)	(0.50)	(0.80)	(0.09)	(0.02)
	Net Asset Value, End of Period		$9.78	$10.32	$10.43	$10.55	$9.49
	Total Return*		(3.14)%	4.22%	6.27%	12.17%	(1.85)%
	Net Assets, End of Period (in thousands)		$84	$2,567	$766	$743	$571
	Average Net Assets for the Period (in thousands)		$1,208	$2,179	$777	$609	$530
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.69%	1.63%	1.52%	1.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	0.96%	1.01%	1.07%	1.09%
		Ratio of Net Investment Income/(Loss)	1.17%	2.14%	1.24%	0.86%	0.55%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%


Class C Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.30	$10.35	$10.48	$9.44	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	0.17	0.06	0.01	(0.01)
		Net realized and unrealized gain/(loss)	(0.41)	0.20	0.54	1.05	(0.23)
	Total from Investment Operations		(0.32)	0.37	0.60	1.06	(0.24)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.01)	(0.11)	(0.02)	(0.01)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.22)	(0.42)	(0.73)	(0.02)	(0.01)
	Net Asset Value, End of Period		$9.76	$10.30	$10.35	$10.48	$9.44
	Total Return*		(3.30)%	3.96%	5.58%	11.21%	(2.52)%
	Net Assets, End of Period (in thousands)		$1,644	$1,778	$1,603	$1,225	$1,046
	Average Net Assets for the Period (in thousands)		$1,644	$1,695	$1,448	$1,112	$827
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.92%	1.88%	2.34%	2.27%	2.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.14%	1.75%	1.83%	1.84%
		Ratio of Net Investment Income/(Loss)	0.91%	1.71%	0.54%	0.05%	(0.06)%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

36	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.33	$10.43	$10.54	$9.49	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.20	0.15	0.09	0.06
		Net realized and unrealized gain/(loss)	(0.40)	0.20	0.55	1.05	(0.25)
	Total from Investment Operations		(0.28)	0.40	0.70	1.14	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.09)	(0.19)	(0.09)	(0.02)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.23)	(0.50)	(0.81)	(0.09)	(0.02)
	Net Asset Value, End of Period		$9.82	$10.33	$10.43	$10.54	$9.49
	Total Return*		(2.90)%	4.31%	6.51%	12.13%	(1.93)%
	Net Assets, End of Period (in thousands)		$3,030	$2,813	$2,480	$1,619	$1,285
	Average Net Assets for the Period (in thousands)		$2,844	$2,564	$2,139	$1,435	$973
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.43%	1.84%	2.01%	2.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.85%	0.86%	0.96%	1.10%
		Ratio of Net Investment Income/(Loss)	1.24%	1.97%	1.39%	0.94%	0.69%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%


Class I Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.35	$10.46	$10.57	$9.51	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.21	0.19	0.17	0.09
		Net realized and unrealized gain/(loss)	(0.44)	0.19	0.52	1.00	(0.24)
	Total from Investment Operations		(0.26)	0.40	0.71	1.17	(0.15)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.10)	(0.20)	(0.11)	(0.03)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.25)	(0.51)	(0.82)	(0.11)	(0.03)
	Net Asset Value, End of Period		$9.84	$10.35	$10.46	$10.57	$9.51
	Total Return*		(2.68)%	4.33%	6.57%	12.42%	(1.55)%
	Net Assets, End of Period (in thousands)		$342	$15,008	$9,959	$4,596	$1,090
	Average Net Assets for the Period (in thousands)		$7,161	$14,537	$4,830	$1,802	$854
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	1.35%	1.38%	1.40%	1.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.77%	0.79%	0.80%	0.83%
		Ratio of Net Investment Income/(Loss)	1.76%	2.12%	1.75%	1.69%	0.94%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	37

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.35	$10.46	$10.56	$9.51	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.14	0.21	0.16	0.10	0.07
		Net realized and unrealized gain/(loss)	(0.41)	0.20	0.56	1.06	(0.23)
	Total from Investment Operations		(0.27)	0.41	0.72	1.16	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.11)	(0.20)	(0.11)	(0.03)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.24)	(0.52)	(0.82)	(0.11)	(0.03)
	Net Asset Value, End of Period		$9.84	$10.35	$10.46	$10.56	$9.51
	Total Return*		(2.74)%	4.36%	6.72%	12.43%	(1.65)%
	Net Assets, End of Period (in thousands)		$40,773	$46,087	$51,921	$48,806	$48,423
	Average Net Assets for the Period (in thousands)		$44,038	$49,849	$52,068	$48,134	$49,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%	1.26%	1.27%	1.24%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.70%	0.73%	0.81%	0.83%
		Ratio of Net Investment Income/(Loss)	1.40%	2.10%	1.52%	1.03%	0.73%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%


Class S Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.35	$10.42	$10.53	$9.48	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.20	0.12	0.07	0.05
		Net realized and unrealized gain/(loss)	(0.42)	0.20	0.55	1.06	(0.24)
	Total from Investment Operations		(0.30)	0.40	0.67	1.13	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.06)	(0.16)	(0.08)	(0.02)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.23)	(0.47)	(0.78)	(0.08)	(0.02)
	Net Asset Value, End of Period		$9.82	$10.35	$10.42	$10.53	$9.48
	Total Return*		(3.05)%	4.33%	6.24%	11.95%	(1.99)%
	Net Assets, End of Period (in thousands)		$1,263	$1,303	$1,256	$1,183	$1,057
	Average Net Assets for the Period (in thousands)		$1,284	$1,258	$1,267	$1,110	$831
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.82%	1.79%	1.83%	1.75%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	0.89%	1.11%	1.17%	1.24%
		Ratio of Net Investment Income/(Loss)	1.15%	1.92%	1.14%	0.70%	0.53%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

38	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.33	$10.43	$10.55	$9.50	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.19	0.14	0.09	0.07
		Net realized and unrealized gain/(loss)	(0.41)	0.20	0.55	1.06	(0.24)
	Total from Investment Operations		(0.29)	0.39	0.69	1.15	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.08)	(0.19)	(0.10)	(0.02)
		Distributions (from capital gains)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.24)	(0.49)	(0.81)	(0.10)	(0.02)
	Net Asset Value, End of Period		$9.80	$10.33	$10.43	$10.55	$9.50
	Total Return*		(3.00)%	4.23%	6.40%	12.17%	(1.72)%
	Net Assets, End of Period (in thousands)		$1,149	$1,327	$2,557	$2,291	$1,085
	Average Net Assets for the Period (in thousands)		$1,261	$2,521	$2,635	$1,204	$856
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.72%	1.62%	1.54%	1.51%	1.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.90%	0.92%	0.94%	1.00%
		Ratio of Net Investment Income/(Loss)	1.20%	1.90%	1.30%	0.95%	0.77%
	Portfolio Turnover Rate		228%	268%	440%	302%⁽²⁾	122%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	39

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Global Allocation Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as nondiversified, as defined in the 1940 Act.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


40	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class S Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.


Janus Investment Fund	41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or the Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Derivative Instruments

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:


Janus Investment Fund	43

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

Futures Contracts

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the year, the Fund purchased commodity futures to increase exposure to commodity risk.

During the year, the Fund sold commodity futures to decrease exposure to commodity risk.

During the year, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the year, the Fund sold futures on equity indices to decrease exposure to equity risk.

Options Contracts


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

During the year, the Fund purchased call options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the year, the Fund purchased call options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk.

During the year, the Fund purchased call options on commodity futures for the purpose of hedging exposure to commodity risk and/or generating income.

During the year, the Fund purchased put options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the year, the Fund purchased put options on various ETFs for the purpose of decreasing exposure to individual equity risk.

During the year, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.


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Notes to Financial Statements

During the year, the Fund wrote call options on various stocks and ETFs for the purpose of decreasing exposure to individual equity risk and/or generating income.

During the year, the Fund wrote call options on commodity futures for the purpose of decreasing exposure to commodity risk and/or generating income.

During the year, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the year, the Fund wrote put options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk and/or generating income.

3. Other Investments and Strategies

Additional Investment Risk

In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed-income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets. For example, the enactment of the Dodd-Frank Act in 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record low levels. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.


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Notes to Financial Statements

Counterparties

Exchange-Traded and Mutual Funds

The Fund may invest in exchange-traded funds (“ETFs”) and mutual funds to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities


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Notes to Financial Statements

the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Goldman Sachs		$	227,067	$	(227,067)	$	—	$	—
HSBC Securities (USA), Inc.			4,733		(1,421)		—		3,312
JPMorgan Chase Bank, National Association			5,936,208		—		(5,936,208)		—

Total		$	6,168,008	$	(228,488)	$	(5,936,208)	$	3,312
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Goldman Sachs		$	297,129	$	(227,067)	$	—	$	70,062
HSBC Securities (USA), Inc.			1,421		(1,421)		—		—

Total		$	298,550	$	(228,488)	$	—	$	70,062
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the “SEC”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.

Goldman Sachs International is the broker and/or custodian for short sales. Short sales held by the Fund are fully collateralized by restricted cash or other securities, which are denoted on the accompanying Schedule of Investments.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

Real Estate Investing

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. Effective December 16, 2019, JPMorgan Chase Bank, National Association replaced Deutsche Bank AG as securities lending agent for the Fund. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to primarily invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Henderson Cash Collateral Fund LLC. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $5,936,208. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2020 is $6,068,393, resulting in the net amount due to the counterparty of $132,185.

Short Sales

The Fund may engage in “short sales against the box.” Short sales against the box involve either selling short a security that the Fund owns or selling short a security that the Fund has the right to obtain, for delivery at a specified date in the future. The Fund may enter into short sales against the box to hedge against anticipated declines in the market price of portfolio securities. The Fund does not deliver from its portfolio the securities sold short and does not immediately receive the proceeds of the short sale. The Fund borrows the securities sold short and receives proceeds from the short sale only when it delivers the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, the Fund loses the opportunity to participate in the gain.

The Fund may also engage in other short sales. The Fund may engage in short sales when the portfolio manager(s) and/or investment personnel anticipate that a security’s market purchase price will be less than its borrowing price. To complete the transaction, the Fund must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. Although the potential for gain as a result of a short sale is limited to the price at which the Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance the Fund will be able to close out a short position at a particular time or at an acceptable price. A lender may request, or market conditions may dictate, that the securities sold short be returned to it on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price. If this occurs at a time when other short sellers of the same security also want to close out their positions, it is more likely that the Fund will have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short sale. A gain or a loss will be recognized upon termination of a short sale. Short sales held by the Fund are fully collateralized by restricted cash or other securities, which are denoted on the accompanying Schedule of Investments. The Fund is also required to pay the lender of the security any dividends or interest that accrues on a borrowed security during the period of the loan. Depending on the arrangements made with the broker or custodian, the Fund may or may not receive any payments (including interest) on collateral it has deposited with the broker. The Fund pays stock loan fees, disclosed on the Statement of Operations, on assets borrowed from the security broker.

The Fund may also enter into short positions through derivative instruments, such as options contracts, futures contracts, and swap agreements, which may expose the Fund to similar risks. To the extent that the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.75
Next $2 Billion	0.72
Over $4 Billion	0.70

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.71% of the Fund’s average daily net assets. In addition, Janus Capital shall additionally reimburse or waive acquired fund fees and expenses to the extent they exceed 0.10%. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.


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Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2020 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the year ended June 30, 2020, Janus Henderson Distributors retained upfront sales charges of $155.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2020.

As of June 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	75		3
Class D Shares	43		3
Class I Shares	-		-
Class N Shares	95		81
Class S Shares	100		3
Class T Shares	-		-

In addition, other shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with US GAAP).

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 661,981	$ -	$ (677,108)	$ -	$ -	$ 88,468	$ 150,082


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (677,108)	$ -	$ (677,108)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 47,091,537	$ 3,723,781	$ (3,603,876)	$ 119,905

Information on the tax components of securities sold short as of June 30, 2020 is as follows:


Federal Tax Cost	Unrealized (Appreciation)	Unrealized Depreciation	Net Tax (Appreciation)/ Depreciation
$ (460,258)	$ -	$ 30,177	$ 30,177

Information on the tax components of derivatives as of June 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (226,309)	$ 89,389	$ -	$ 89,389

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,431,393	$ 39,536	$ -	$ -


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,577,951	$ 2,096,422	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (5,498)	$ 56,765	$ (51,267)


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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2020		Year ended June 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	29,448	$ 293,030	263,945	$ 2,762,794
Reinvested dividends and distributions	1,782	18,590	12,794	120,007
Shares repurchased	(271,361)	(2,705,224)	(101,438)	(1,032,330)
Net Increase/(Decrease)	(240,131)	$ (2,393,604)	175,301	$ 1,850,471
Class C Shares:
Shares sold	8,928	$ 80,719	40,783	$ 399,274
Reinvested dividends and distributions	3,278	34,187	7,443	69,592
Shares repurchased	(16,435)	(165,776)	(30,545)	(299,281)
Net Increase/(Decrease)	(4,229)	$ (50,870)	17,681	$ 169,585
Class D Shares:
Shares sold	64,126	$ 640,080	56,428	$ 562,998
Reinvested dividends and distributions	5,838	61,068	12,469	116,956
Shares repurchased	(33,841)	(343,926)	(34,379)	(348,900)
Net Increase/(Decrease)	36,123	$ 357,222	34,518	$ 331,054
Class I Shares:
Shares sold	44,930	$ 467,808	875,906	$ 9,044,162
Reinvested dividends and distributions	22,895	239,483	80,463	756,351
Shares repurchased	(1,482,869)	(15,612,476)	(459,039)	(4,675,765)
Net Increase/(Decrease)	(1,415,044)	$(14,905,185)	497,330	$ 5,124,748
Class N Shares:
Shares sold	912,665	$ 9,485,739	159,160	$ 1,615,734
Reinvested dividends and distributions	101,143	1,058,964	259,176	2,436,252
Shares repurchased	(1,319,498)	(13,562,585)	(933,484)	(9,555,914)
Net Increase/(Decrease)	(305,690)	$ (3,017,882)	(515,148)	$(5,503,928)
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	2,744	28,694	6,067	56,970
Shares repurchased	-	-	(678)	(6,729)
Net Increase/(Decrease)	2,744	$ 28,694	5,389	$ 50,241
Class T Shares:
Shares sold	583	$ 5,869	20,015	$ 203,731
Reinvested dividends and distributions	2,863	29,913	12,445	116,855
Shares repurchased	(14,601)	(134,756)	(149,172)	(1,530,155)
Net Increase/(Decrease)	(11,155)	$ (98,974)	(116,712)	$(1,209,569)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$126,776,340	$ 155,459,289	$ -	$ -


Janus Investment Fund	57

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

8. Recent Accounting Pronouncements

9. Other Matters

10. Subsequent Event


58	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Adaptive Global Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Adaptive Global Allocation Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the five years in the period ended June 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	59

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


60	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	61

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


62	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	63

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


64	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	65

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


66	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	67

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


68	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	69

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Economies of Scale


70	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	71

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


72	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	73

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


74	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	75

Janus Henderson Adaptive Global Allocation Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2020:



Capital Gain Distributions	$39,536
Dividends Received Deduction Percentage	91%
Qualified Dividend Income Percentage	89%


76	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	77

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant. Formerly, Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


78	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	79

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


80	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	81

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


82	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	83

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Ashwin Alankar 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Adaptive Global Allocation Fund	6/15-Present	Head of Global Asset Allocation of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity (2010-2014).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President and Head of North America at Janus Henderson Investors (since 2017), President and Head of North America at Janus Capital Management LLC (since 2013 and 2017, respectively), President at Janus Capital Group Inc. (since 2013), President and Director at Janus International Holding LLC (since 2019 and 2011, respectively), President at Janus Holdings LLC (since 2019), President and Director at Janus Management Holdings Corporation (since 2017 and 2012, respectively), Executive Vice President and Head of North America at Janus Distributors LLC (since 2011 and 2019, respectively), Vice President and Director at Intech Investment Management LLC (since 2012), and Executive Vice President at Perkins Investment Management LLC (since 2011). Formerly, Executive Vice President at Janus Capital Group Inc., Janus International Holding LLC, and Janus Management Holdings Corporation (2011-2019), Director at Perkins Investment Management LLC (2011-2019), and Chief Financial Officer at Janus Capital Group Inc. (2011-2013).


84	JUNE 30, 2020

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), and Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017-September 2017), and Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Officer, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	85

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93059 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Developed World Bond Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Developed World Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	17
Statement of Assets and Liabilities	19
Statement of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	51
Additional Information	52
Useful Information About Your Fund Report	65
Designation Requirements	68
Trustees and Officers	69

Janus Henderson Developed World Bond Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Developed World Bond Fund is a developed market fixed income fund seeking total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions among countries, fixed income asset classes, sectors and credit ratings. We believe that outside of the bond’s coupon, asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle. The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, by style, we favor sensible income from large, noncyclical businesses that are likely to continue paying their coupons in the years to come.

John Pattullo

co-portfolio manager

Jenna Barnard

co-portfolio manager

PERFORMANCE

The Janus Henderson Developed World Bond Fund’s Class I Shares returned 6.36% over the 12-month period ended June 30, 2020. The Fund’s primary benchmark, the Bloomberg Barclays Global Aggregate Credit Index (USD hedged), returned 6.90%.

INVESTMENT ENVIRONMENT

The year under review was defined by the financial and health crisis generated by the COVID-19 pandemic in the early months of 2020. Everything that occurred in markets prior to this event frankly looks quaint in comparison. The enforced shutdown of the global economy resulted in the most dramatic sell-off in corporate bonds in the history of this market. The repricing that occurred during March 2020 took approximately 18 months during the 2008 financial crisis. What was even more remarkable was the fact that the speed of the decline in corporate bond prices was matched only by the speed of the subsequent recovery as governments and central banks stepped in to provide support for households and corporations. For investors this has meant that the default rates have been much lower than the scale of the economic decline would suggest. In addition, the dramatic cuts in interest rates across the developed world have created a huge demand for the relatively reliable income provided by corporate bonds. Bond coupons always rank senior to equity dividends, and in this crisis, it would appear, to commercial property rents, as well.

PERFORMANCE DISCUSSION

While the Fund underperformed its corporate bond benchmark, performance was strong during the period. The Fund used the March 2020 sell-off as an opportunity to substantially shift its asset allocation within the fixed income market. We accomplished this by increasing the exposure to corporate bonds – both investment-grade and lower-rated, high-yield corporate bonds and credit derivatives – at the expense of government bonds and cash. This shift reversed a three-year process of deallocating from the riskier areas of the corporate bond market (subordinated financial bonds and high-yield corporate bonds) and seeking out the more defensive attributes of government bonds. We felt it was justified by the valuations on offer during the sell-off and the unique policy response to the economic downturn. By period end the shift had resulted in a substantial recovery in the Fund’s capital value.

The Fund had a handful of modest individual detractors from performance, but these were rounding errors in the context of overall performance. This reflects the fact that we had no corporate bonds that faced a serious risk of default, even during the sell-off. We are extremely disciplined in our corporate bond investing by style and deem large parts of the market uninvestable. It thus is no surprise that we had no exposure to airlines, autos, traditional (nonfood) retail, energy or other commodity companies. We did have a handful of leisure companies that directly were impacted by the lockdown, but these are companies with a history of strong returns and that as a result have been supported by both bond and equity investors in providing liquidity to see them through the shutdown. They are survivors, and in a number of cases, we added to existing positions during the sell-off. The strongest performers over the 12-month period were high-quality investment-grade bonds and government


Janus Investment Fund	1

Janus Henderson Developed World Bond Fund (unaudited)

bonds that saw their yields plummet to all-time lows following the collapse in interest rates.

DERIVATIVES USAGE

The Fund makes use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. The Fund uses credit default swaps to manage exposure to a given issuer or sector by either selling protection to increase exposure (i.e., leverage), buying protection to reduce exposure or to effectively take a “short” position. The Fund uses futures as a liquid and straightforward way of either reducing or increasing the Fund’s duration (interest rate sensitivity). Currency forwards are used to hedge the Fund’s foreign currency back to the U.S. dollar. Additional forwards may be used to hedge underlying currency risk if exposure is significant. In aggregate, these positions contributed to performance during the period.

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Governments continue to offer unprecedented monetary and fiscal stimulus in order to manage the economic impact of the pandemic. We expect this to continue during the recovery stage, with a raft of new policies aimed at minimizing defaults and encouraging consumer spending. We remain constructive on corporate bonds, which appear to us to be the “sweet spot,” as they generally offer an acceptable yield with less volatility than equities. Indeed, throughout the March turbulence we felt that this crisis ultimately would result in record low-quality corporate bond yields and record high prices rather than the doomsday scenario, touted by many, of an implosion of the corporate debt market and mass defaults.


2	JUNE 30, 2020

Janus Henderson Developed World Bond Fund (unaudited)

Fund At A Glance

June 30, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	0.72%	0.76%
Class A Shares MOP	0.68%	0.72%
Class C Shares**	0.12%	0.16%
Class D Shares	0.96%	1.06%
Class I Shares	1.09%	1.13%
Class N Shares	1.15%	1.19%
Class S Shares	-0.66%	0.70%
Class T Shares	0.91%	0.94%
Weighted Average Maturity		9.0 Years
Average Effective Duration***		5.8 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	4.4%
AA	10.0%
A	14.8%
BBB	31.5%
BB	14.0%
B	8.4%
CCC	0.3%
Not Rated	12.0%
Other	4.6%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	77.4%
Foreign Government Bonds	15.4%
Investment Companies	4.2%
Bank Loans and Mezzanine Loans	1.2%
Inflation-Indexed Bonds	0.5%
Asset-Backed/Commercial Mortgage-Backed Securities	0.2%
Other		1.1%
		100.0%


Janus Investment Fund	3

Janus Henderson Developed World Bond Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	6.07%	5.21%	5.75%	5.26%	1.00%	0.83%
Class A Shares at MOP	1.06%	4.19%	5.24%	4.95%
Class C Shares at NAV	5.26%	4.43%	4.96%	4.45%	1.74%	1.58%
Class C Shares at CDSC	4.26%	4.43%	4.96%	4.45%
Class D Shares⁽¹⁾	6.17%	5.31%	5.81%	5.29%	0.87%	0.70%
Class I Shares	6.36%	5.48%	5.99%	5.40%	0.75%	0.58%
Class N Shares	6.32%	5.50%	5.90%	5.34%	0.72%	0.58%
Class S Shares	5.83%	5.07%	5.66%	5.20%	3.29%	1.08%
Class T Shares	6.17%	5.26%	5.78%	5.27%	0.92%	0.83%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)	6.90%	5.18%	4.96%	4.85%
Morningstar Quartile - Class A Shares	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for World Bond - USD Hedged Funds	31/107	6/75	5/51	13/48

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to through at least October 31, 2021.


4	JUNE 30, 2020

Janus Henderson Developed World Bond Fund (unaudited)

Performance

companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Strategic Income Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to April 29, 2011, performance for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – September 30, 2003

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


Janus Investment Fund	5

Janus Henderson Developed World Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$1,038.80	$4.41	$1,000.00	$1,020.54	$4.37	0.87%
Class C Shares		$1,000.00	$1,035.40	$8.10	$1,000.00	$1,016.91	$8.02	1.60%
Class D Shares		$1,000.00	$1,039.80	$3.60	$1,000.00	$1,021.33	$3.57	0.71%
Class I Shares		$1,000.00	$1,040.30	$3.20	$1,000.00	$1,021.73	$3.17	0.63%
Class N Shares		$1,000.00	$1,040.60	$2.94	$1,000.00	$1,021.98	$2.92	0.58%
Class S Shares		$1,000.00	$1,037.90	$5.47	$1,000.00	$1,019.49	$5.42	1.08%
Class T Shares		$1,000.00	$1,039.20	$4.16	$1,000.00	$1,020.79	$4.12	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 0.2%
	Tesco Property Finance 3 PLC, 5.7440%, 4/13/40	337,323	GBP	$558,765
	Ziggo BV, 4.2500%, 1/15/27	2,025,000	EUR	2,339,960
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $2,829,769)				2,898,725
Bank Loans and Mezzanine Loans– 1.2%
Consumer Cyclical – 0.5%
	Loire Finco Luxembourg,
	Euro Interbank Offered Rate 3 Month + 3.2500%, 3.2500%, 4/21/27^‡	2,850,000	EUR	3,068,036
	Loire Finco Luxembourg, ICE LIBOR USD 1 Month + 3.5000%, 3.6783%, 4/21/27^‡	$4,840,000		4,640,350
				7,708,386
Consumer Non-Cyclical – 0.2%
	Froneri Lux FinCo SARL,
	Euro Interbank Offered Rate 3 Month + 2.6250%, 2.6250%, 1/29/27^‡	1,860,000	EUR	2,009,611
	Froneri US Inc, ICE LIBOR USD 1 Month + 2.2500%, 2.4283%, 1/29/27^‡	1,252,987		1,175,465
	Froneri US Inc, ICE LIBOR USD 1 Month + 5.7500%, 5.9283%, 1/31/28^‡	262,857		249,057
				3,434,133
Technology – 0.5%
	Financial & Risk US Holdings Inc,
	Euro Interbank Offered Rate 3 Month + 3.2500%, 3.2500%, 10/1/25^‡	1,810,808	EUR	1,990,353
	McAfee LLC,
	Euro Interbank Offered Rate 3 Month + 3.5000%, 3.5000%, 9/30/24^‡	972,675	EUR	1,066,561
	McAfee LLC, ICE LIBOR USD 1 Month + 3.7500%, 3.9336%, 9/30/24^‡	2,115,917		2,055,380
	Refinitiv US Holdings Inc,
	ICE LIBOR USD 1 Month + 3.2500%, 3.4283%, 10/1/25^‡	3,089,476		3,014,556
				8,126,850
Total Bank Loans and Mezzanine Loans (cost $19,918,230)				19,269,369
Corporate Bonds– 77.4%
Banking – 7.2%
	Bank of America Corp,
	Canada Bankers Acceptances 3 Month + 1.2020%, 3.4070%, 9/20/25^‡	2,500,000	CAD	1,962,152
	Bank of America Corp,
	Euro Interbank Offered Rate 3 Month + 3.6700%, 3.6480%, 3/31/29^‡	8,000,000	EUR	10,735,898
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	7,600,000		8,301,480
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.2900%, 7.1950% (144A)^‡,µ	2,100,000		2,268,000
	Credit Suisse Group AG, USD SWAP SEMI 30/360 5YR + 4.5980%, 7.5000%^‡,µ	2,690,000		2,891,750
	Goldman Sachs Group Inc, 4.0000%, 5/2/24	5,270,000	AUD	3,915,523
	HBOS Sterling Finance Jersey LP,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.4000%, 7.8810%^‡,µ	909,000	GBP	1,713,166
	JPMorgan Chase & Co, 4.5000%, 1/30/26	6,950,000	AUD	5,453,761
	Lloyds Banking Group PLC, 4.0000%, 3/7/25	4,400,000	AUD	3,256,144
	Lloyds Banking Group PLC, 1.8750%, 1/15/26	6,000,000	GBP	7,409,740
	Lloyds Banking Group PLC, 4.2500%, 11/22/27	2,190,000	AUD	1,635,589
	Lloyds Banking Group PLC, 4.3750%, 3/22/28	3,000,000		3,480,901
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	5,486,000		6,178,607
	Nationwide Building Society, 4.0000%, 9/14/26 (144A)	7,500,000		8,104,103
	Nationwide Building Society,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.6250%, 5.7500%^‡,µ	4,870,000	GBP	6,072,063
	RBS Capital Trust II, ICE LIBOR USD 3 Month + 1.9425%, 6.4250%^‡,µ	2,514,000		3,676,725
	Royal Bank of Scotland Group PLC, 6.0000%, 12/19/23	3,500,000		3,920,850
	Royal Bank of Scotland Group PLC, 5.1250%, 5/28/24	2,600,000		2,844,083
	Royal Bank of Scotland Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 3.5500%, 3.6220%, 8/14/30^‡	7,210,000	GBP	9,144,285
	Royal Bank of Scotland Group PLC,
	ICE LIBOR USD 3 Month + 2.5000%, 7.6480%^‡,µ	971,000		1,404,552
	Stichting AK Rabobank Certificaten, 0%^‡,µ	4,000,000	EUR	4,763,242
	UBS Group AG, USD SWAP SA (VS 6M) 5Y + 4.8660%, 7.0000%^‡,µ	3,730,000		4,099,083
	Wells Fargo & Co, 3.7000%, 7/27/26	6,000,000	AUD	4,527,073
	Wells Fargo & Co, 4.0000%, 4/27/27	11,000,000	AUD	8,417,379
				116,176,149


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Basic Industry – 1.9%
	Argentum Netherlands BV for Givaudan SA, 2.0000%, 9/17/30	3,600,000	EUR	$4,506,756
	Firmenich Productions SAS, 1.7500%, 4/30/30	4,030,000	EUR	4,704,708
	International Flavors & Fragrances Inc, 1.8000%, 9/25/26	390,000	EUR	441,099
	International Flavors & Fragrances Inc, 4.4500%, 9/26/28	$1,212,000		1,378,962
	Smurfit Kappa Acquisitions ULC, 2.3750%, 2/1/24	1,500,000	EUR	1,722,509
	Smurfit Kappa Acquisitions ULC, 2.8750%, 1/15/26	5,673,000	EUR	6,572,242
	Smurfit Kappa Treasury ULC, 1.5000%, 9/15/27	6,800,000	EUR	7,284,903
	Symrise AG, 1.3750%, 7/1/27	4,000,000	EUR	4,529,466
				31,140,645
Capital Goods – 1.6%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	6.0000%, 2/15/25 (144A)	237,000		242,629
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 2.1250%, 8/15/26	1,500,000	EUR	1,619,390
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	9,208,000		9,038,757
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	2,889,000		2,835,900
	Ball Corp, 4.8750%, 3/15/26	1,730,000		1,879,922
	TransDigm Inc, 6.2500%, 3/15/26 (144A)	3,600,000		3,597,750
	Vertical Midco GmbH, 4.3750%, 7/15/27 (144A)	3,500,000	EUR	3,931,922
	Vertical US Newco Inc, 5.2500%, 7/15/27 (144A)	2,492,000		2,492,000
				25,638,270
Communications – 19.4%
	Altice France SA/France, 7.3750%, 5/1/26 (144A)	5,507,000		5,748,978
	Altice France SA/France, 5.8750%, 2/1/27	4,910,000	EUR	5,793,927
	Altice France SA/France, 5.5000%, 1/15/28 (144A)	6,693,000		6,759,930
	American Tower Corp, 3.6000%, 1/15/28	7,580,000		8,462,846
	American Tower Corp, 3.8000%, 8/15/29	8,686,000		9,869,973
	American Tower Corp, 2.9000%, 1/15/30	8,127,000		8,672,223
	Arqiva Broadcast Finance PLC, 6.7500%, 9/30/23	11,040,000	GBP	14,156,673
	AT&T Inc, 2.7500%, 6/1/31	14,880,000		15,393,157
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27 (144A)	418,000		436,162
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.3750%, 6/1/29 (144A)	3,068,000		3,236,740
	Cellnex Telecom SA, 1.8750%, 6/26/29	3,300,000	EUR	3,650,297
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.2000%, 3/15/28	13,160,000		14,752,497
	Comcast Corp, 1.5000%, 2/20/29	2,850,000	GBP	3,614,098
	Comcast Corp, 1.8750%, 2/20/36	2,460,000	GBP	3,147,466
	Crown Castle International Corp, 3.6500%, 9/1/27	2,810,000		3,129,754
	Crown Castle International Corp, 3.8000%, 2/15/28	1,990,000		2,236,336
	Crown Castle International Corp, 3.1000%, 11/15/29	5,601,000		6,002,835
	Crown Castle International Corp, 3.3000%, 7/1/30	6,929,000		7,565,135
	Crown Castle International Corp, 2.2500%, 1/15/31	3,581,000		3,606,849
	CSC Holdings LLC, 6.5000%, 2/1/29 (144A)	3,950,000		4,315,375
	Deutsche Telekom AG, 1.3750%, 7/5/34	7,300,000	EUR	8,389,068
	Deutsche Telekom International Finance BV, 1.5000%, 4/3/28	2,800,000	EUR	3,351,376
	Dolya Holdco, 4.8750%, 7/15/28 (144A)	2,180,000	GBP	2,714,298
	Eircom Finance DAC, 3.5000%, 5/15/26	16,775,000	EUR	18,901,674
	Eircom Finance DAC, 2.6250%, 2/15/27	4,275,000	EUR	4,574,440
	Front Range BidCo Inc, 4.0000%, 3/1/27 (144A)	7,400,000		7,023,044
	Orange SA, 1.0000%, 5/12/25	4,100,000	EUR	4,742,136
	Orange SA, 2.0000%, 1/15/29	3,100,000	EUR	3,888,250
	Orange SA, 1.3750%, 1/16/30	5,500,000	EUR	6,626,939
	Orange SA, 3.2500%, 1/15/32	2,900,000	GBP	4,185,184
	RELX Capital Inc, 3.0000%, 5/22/30	2,417,000		2,617,281
	Sirius XM Radio Inc, 5.3750%, 4/15/25 (144A)	2,315,000		2,377,505
	Sirius XM Radio Inc, 5.0000%, 8/1/27 (144A)	2,106,000		2,160,377
	Sirius XM Radio Inc, 5.5000%, 7/1/29 (144A)	5,100,000		5,394,627
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	2,185,000		2,155,415


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Communications – (continued)
	Sky Ltd, 2.5000%, 9/15/26	1,015,000	EUR	$1,282,972
	T-Mobile USA Inc, 6.0000%, 3/1/23	$2,100,000		2,108,484
	T-Mobile USA Inc, 6.5000%, 1/15/26	2,320,000		2,424,098
	T-Mobile USA Inc, 4.5000%, 2/1/26	596,000		603,128
	T-Mobile USA Inc, 4.7500%, 2/1/28	933,000		985,276
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	9,017,000		10,050,078
	T-Mobile USA Inc, 4.3750%, 4/15/40 (144A)	7,850,000		9,080,252
	Verizon Communications Inc, 4.5000%, 8/17/27	12,840,000	AUD	10,298,282
	Verizon Communications Inc, 4.0160%, 12/3/29	3,420,000		4,088,033
	Verizon Communications Inc, 2.6500%, 5/6/30	10,200,000	AUD	7,021,989
	Virgin Media Finance PLC, 5.0000%, 7/15/30 (144A)	3,109,000		3,035,472
	Virgin Media Secured Finance PLC, 5.2500%, 5/15/29	7,229,000	GBP	9,354,523
	Virgin Media Secured Finance PLC, 4.1250%, 8/15/30 (144A)	2,500,000	GBP	3,050,782
	Vodafone Group PLC, 3.2500%, 12/13/22	3,600,000	AUD	2,588,410
	Vodafone Group PLC, 4.3750%, 5/30/28	9,700,000		11,534,001
	Vodafone Group PLC, 1.6000%, 7/29/31	1,500,000	EUR	1,784,639
	WMG Acquisition Corp, 2.7500%, 7/15/28 (144A)	4,310,000	EUR	4,916,139
	WMG Acquisition Corp, 3.8750%, 7/15/30 (144A)	1,990,000		2,009,999
	Ziggo BV, 4.8750%, 1/15/30 (144A)	8,200,000		8,244,444
	Ziggo BV, 3.3750%, 2/28/30	6,800,000	EUR	7,180,812
				311,294,678
Consumer Cyclical – 14.2%
	Amazon.com Inc, 3.1500%, 8/22/27	5,248,000		6,005,161
	Amazon.com Inc, 2.5000%, 6/3/50	4,638,000		4,690,761
	Booking Holdings Inc, 1.8000%, 3/3/27	6,010,000	EUR	6,987,628
	Booking Holdings Inc, 4.6250%, 4/13/30	10,041,000		11,743,097
	Boyd Gaming Corp, 8.6250%, 6/1/25 (144A)	3,276,000		3,423,420
	Boyd Gaming Corp, 6.3750%, 4/1/26	1,800,000		1,710,000
	Compass Group PLC, 2.0000%, 7/3/29	5,100,000	GBP	6,534,738
	Co-operative Group Holdings 2011 Ltd, 6.8750%, 7/8/20^Ç	2,509,000	GBP	3,095,954
	Co-operative Group Holdings 2011 Ltd, 7.5000%, 7/8/26^Ç	2,800,000	GBP	3,953,742
	Co-Operative Group Ltd, 5.1250%, 5/17/24	5,900,000	GBP	7,732,796
	CPUK Finance Ltd, 4.2500%, 8/28/22	850,000	GBP	1,002,488
	CPUK Finance Ltd, 4.2500%, 8/28/22 (144A)	250,000	GBP	294,849
	CPUK Finance Ltd, 4.8750%, 8/28/25	3,150,000	GBP	3,600,998
	CPUK Finance Ltd, 4.8750%, 8/28/25 (144A)	150,000	GBP	171,476
	Experian Finance PLC, 4.2500%, 2/1/29 (144A)	8,562,000		9,956,099
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	9,263,000		9,869,902
	Experian Finance PLC, 3.2500%, 4/7/32	830,000	GBP	1,189,217
	GLP Capital LP / GLP Financing II Inc, 5.7500%, 6/1/28	1,482,000		1,632,719
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	3,300,000		3,570,864
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	1,832,000		1,821,649
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	1,400,000		1,501,243
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	3,880,000		4,345,600
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	1,439,000		1,591,548
	Levi Strauss & Co, 5.0000%, 5/1/25 (144A)	8,142,000		8,172,614
	Live Nation Entertainment Inc, 4.7500%, 10/15/27 (144A)	1,016,000		873,973
	Marriott International Inc, 5.7500%, 5/1/25	7,051,000		7,684,325
	Mastercard Inc, 3.8500%, 3/26/50	8,815,000		10,997,351
	McDonald's Corp, 3.4500%, 9/8/26	9,200,000	AUD	6,982,039
	McDonald's Corp, 2.6250%, 6/11/29	3,900,000	EUR	4,958,501
	McDonald's Corp, 1.6000%, 3/15/31	3,000,000	EUR	3,556,706
	Motion Bondco DAC, 4.5000%, 11/15/27 (144A)	375,000	EUR	370,635
	Motion Bondco DAC, 6.6250%, 11/15/27 (144A)^‡	4,090,000		3,558,300
	Motion Finco Sarl, 7.0000%, 5/15/25 (144A)	3,090,000	EUR	3,571,126
	NIKE Inc, 2.8500%, 3/27/30	4,709,000		5,244,769
	NIKE Inc, 3.3750%, 3/27/50	5,906,000		6,771,435
	Service Corp International/US, 4.6250%, 12/15/27	6,882,000		7,140,075
	Service Corp International/US, 5.1250%, 6/1/29	1,994,000		2,145,544


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	Sodexo SA, 0.7500%, 4/14/27	380,000	EUR	$424,770
	Sodexo SA, 1.7500%, 6/26/28	6,400,000	GBP	8,037,749
	Sodexo SA, 1.0000%, 4/27/29	5,300,000	EUR	5,861,360
	Stars Group Holdings BV / Stars Group US Co-Borrower LLC,
	7.0000%, 7/15/26 (144A)	$10,700,000		11,279,084
	Tesco Corporate Treasury Services, 2.7500%, 4/27/30	3,200,000	GBP	4,208,910
	VICI Properties LP / VICI Note Co Inc, 3.7500%, 2/15/27 (144A)	707,000		664,580
	VICI Properties LP / VICI Note Co Inc, 4.6250%, 12/1/29 (144A)	2,400,000		2,340,000
	VICI Properties LP / VICI Note Co Inc, 4.1250%, 8/15/30 (144A)	1,249,000		1,191,234
	Visa Inc, 2.7500%, 9/15/27	11,990,000		13,217,560
	Visa Inc, 2.0500%, 4/15/30	3,056,000		3,203,327
	Visa Inc, 2.7000%, 4/15/40	1,313,000		1,406,615
	Walmart Inc, 3.7000%, 6/26/28	6,620,000		7,843,366
	Yum! Brands Inc, 7.7500%, 4/1/25 (144A)	529,000		570,659
				228,702,556
Consumer Non-Cyclical – 20.1%
	Anheuser-Busch InBev Worldwide Inc, 4.1000%, 9/6/27	2,840,000	AUD	2,167,380
	Aramark Services Inc, 5.0000%, 4/1/25 (144A)	445,000		438,325
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	6,351,000		6,558,233
	Aramark Services Inc, 4.7500%, 6/1/26	2,419,000		2,328,287
	Aramark Services Inc, 5.0000%, 2/1/28 (144A)	3,000,000		2,850,000
	Bacardi Ltd, 4.4500%, 5/15/25 (144A)	4,736,000		5,179,393
	Bacardi Ltd, 4.7000%, 5/15/28 (144A)	4,806,000		5,434,889
	Becton Dickinson and Co, 3.7000%, 6/6/27	5,310,000		5,940,819
	Boston Scientific Corp, 4.0000%, 3/1/29	893,000		1,021,585
	Campbell Soup Co, 2.3750%, 4/24/30	1,372,000		1,420,714
	Catalent Pharma Solutions Inc, 4.8750%, 1/15/26 (144A)	1,639,000		1,663,913
	Clorox Co, 1.8000%, 5/15/30	3,595,000		3,625,939
	Coca-Cola Co, 3.2500%, 6/11/24	4,990,000	AUD	3,700,351
	Coca-Cola Co, 2.1250%, 9/6/29	5,330,000		5,677,525
	Constellation Brands Inc, 4.7500%, 11/15/24	1,605,000		1,840,683
	Constellation Brands Inc, 3.5000%, 5/9/27	4,000,000		4,425,410
	Constellation Brands Inc, 3.1500%, 8/1/29	7,430,000		7,965,251
	Constellation Brands Inc, 2.8750%, 5/1/30	2,382,000		2,523,289
	Cott Holdings Inc, 5.5000%, 4/1/25 (144A)	1,336,000		1,342,800
	DaVita Inc, 4.6250%, 6/1/30 (144A)	7,608,000		7,566,156
	DH Europe Finance II Sarl, 2.6000%, 11/15/29	1,378,000		1,466,140
	DH Europe Finance II Sarl, 0.7500%, 9/18/31	3,300,000	EUR	3,566,447
	Diageo Capital PLC, 2.0000%, 4/29/30	1,709,000		1,768,253
	Diageo Capital PLC, 2.1250%, 4/29/32	1,371,000		1,421,151
	Diageo Finance PLC, 1.7500%, 10/12/26	6,600,000	GBP	8,560,335
	Elanco Animal Health Inc, 5.6500%, 8/28/28^Ç	7,370,000		8,171,856
	Estee Lauder Cos Inc, 3.1500%, 3/15/27	4,430,000		4,945,646
	Estee Lauder Cos Inc, 2.6000%, 4/15/30	9,017,000		9,833,313
	Grifols SA, 1.6250%, 2/15/25	5,850,000	EUR	6,406,314
	Grifols SA, 2.2500%, 11/15/27	8,310,000	EUR	9,166,533
	Hasbro Inc, 3.5500%, 11/19/26	2,697,000		2,850,013
	Hasbro Inc, 3.9000%, 11/19/29	1,539,000		1,602,284
	HCA Inc, 5.0000%, 3/15/24	67,000		74,509
	HCA Inc, 5.2500%, 6/15/26	1,585,000		1,824,351
	HCA Inc, 4.1250%, 6/15/29	9,349,000		10,310,585
	HCA Inc, 3.5000%, 9/1/30	1,690,000		1,627,367
	HCA Inc, 5.1250%, 6/15/39	5,610,000		6,537,208
	Heineken NV, 3.5000%, 1/29/28 (144A)	2,320,000		2,614,075
	Heineken NV, 1.5000%, 10/3/29	2,650,000	EUR	3,200,902
	Heineken NV, 2.2500%, 3/30/30	1,800,000	EUR	2,285,886
	Heineken NV, 2.0200%, 5/12/32	2,800,000	EUR	3,477,693
	IQVIA Inc, 3.2500%, 3/15/25	1,500,000	EUR	1,696,811
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	4,000,000		4,091,760


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	IQVIA Inc, 2.2500%, 1/15/28	1,500,000	EUR	$1,615,683
	Keurig Dr Pepper Inc, 4.5970%, 5/25/28	$3,580,000		4,293,189
	Keurig Dr Pepper Inc, 3.2000%, 5/1/30	929,000		1,027,719
	Kimberly-Clark Corp, 3.1000%, 3/26/30	1,737,000		1,977,218
	Lamb Weston Holdings Inc, 4.8750%, 11/1/26 (144A)	1,360,000		1,407,600
	LVMH Moet Hennessy Louis Vuitton SE, 0.7500%, 5/26/24	5,000,000	EUR	5,737,723
	Mars Inc, 3.2000%, 4/1/30 (144A)	10,045,000		11,434,491
	McCormick & Co Inc/MD, 3.4000%, 8/15/27	6,433,000		7,162,443
	Mondelez International Inc, 2.7500%, 4/13/30	666,000		718,341
	Nestle Finance International Ltd, 2.2500%, 11/30/23	6,600,000	GBP	8,684,899
	Nestle Holdings Inc, 3.9000%, 9/24/38 (144A)	13,745,000		17,065,369
	PepsiCo Inc, 2.6250%, 7/29/29	2,695,000		2,978,816
	PepsiCo Inc, 1.1250%, 3/18/31	1,430,000	EUR	1,696,995
	PepsiCo Inc, 3.3750%, 7/29/49	4,090,000		4,689,086
	Procter & Gamble Co, 3.5500%, 3/25/40	2,750,000		3,316,508
	Procter & Gamble Co, 3.6000%, 3/25/50	2,750,000		3,423,444
	Sunshine Mid BV, 6.5000%, 5/15/26	3,300,000	EUR	3,660,900
	Sysco Corp, 3.5500%, 3/15/25	3,088,000		3,317,881
	Sysco Corp, 5.9500%, 4/1/30	8,316,000		10,420,536
	Tesco PLC, 5.5000%, 1/13/33	3,691,000	GBP	5,811,950
	Tesco PLC, 6.1500%, 11/15/37 (144A)	9,601,000		12,113,324
	Thermo Fisher Scientific Inc, 4.4970%, 3/25/30	1,368,000		1,692,151
	Thermo Fisher Scientific Inc, 2.3750%, 4/15/32	1,600,000	EUR	2,047,522
	Unilever Capital Corp, 2.1250%, 9/6/29	8,000,000		8,442,484
	Unilever PLC, 1.5000%, 7/22/26	3,700,000	GBP	4,841,017
	Upjohn Inc, 2.7000%, 6/22/30 (144A)	7,815,000		8,029,224
	Wm Morrison Supermarkets PLC, 3.5000%, 7/27/26	1,997,000	GBP	2,769,671
	Zoetis Inc, 3.9000%, 8/20/28	2,450,000		2,884,888
	Zoetis Inc, 2.0000%, 5/15/30	4,547,000		4,637,274
	Zoetis Inc, 3.0000%, 5/15/50	3,411,000		3,506,594
				322,575,314
Government Sponsored – 1.6%
	Deutsche Bahn Finance GMBH, 1.6250%, 8/16/33	5,990,000	EUR	7,543,679
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26	10,000,000	AUD	7,846,068
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28	13,660,000	AUD	10,866,819
				26,256,566
Industrial – 0.1%
	Cintas Corp No 2, 3.7000%, 4/1/27	2,000,000		2,271,075
Insurance – 2.2%
	Anthem Inc, 2.2500%, 5/15/30	2,905,000		2,988,665
	Anthem Inc, 3.1250%, 5/15/50	3,486,000		3,604,541
	BUPA Finance PLC, 4.1250%, 6/14/35	5,700,000	GBP	7,082,123
	BUPA Finance PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 2.6000%, 6.1250%^‡,µ	1,414,000	GBP	1,743,216
	Legal & General Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.2500%, 4.5000%, 11/1/50^‡	920,000	GBP	1,171,823
	Legal & General Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.3780%, 5.6250%^‡,µ	2,400,000	GBP	2,936,928
	Phoenix Group Holdings PLC, 4.1250%, 7/20/22	1,600,000	GBP	2,044,734
	Phoenix Group Holdings PLC, 6.6250%, 12/18/25	2,412,000	GBP	3,434,419
	Prudential PLC, 3.1250%, 4/14/30	5,084,000		5,460,475
	Scottish Widows Ltd, 5.5000%, 6/16/23	2,500,000	GBP	3,355,634
	Scottish Widows Ltd, 7.0000%, 6/16/43	612,000	GBP	1,053,998
				34,876,556
Non-Agency Commercial Mortgage-Backed Securities – 0.1%
	Nationwide Building Society, 10.2500%^‡,µ	850,000	GBP	1,632,246
Real Estate Investment Trusts (REITs) – 0.6%
	Digital Realty Trust LP, 4.7500%, 10/1/25	1,900,000		2,192,144


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Real Estate Investment Trusts (REITs) – (continued)
	Public Storage, 3.3850%, 5/1/29	$6,240,000		$7,206,020
				9,398,164
Supranational – 0.5%
	European Investment Bank, 2.7000%, 1/12/23	10,000,000	AUD	7,266,928
Technology – 7.9%
	Autodesk Inc, 2.8500%, 1/15/30	10,745,000		11,828,454
	Broadcom Inc, 3.1500%, 11/15/25 (144A)	3,754,000		3,985,640
	Broadcom Inc, 4.1100%, 9/15/28 (144A)	3,754,000		4,105,957
	Dell International LLC / EMC Corp, 5.4500%, 6/15/23 (144A)	2,685,000		2,936,886
	Dell International LLC / EMC Corp, 6.0200%, 6/15/26 (144A)	9,310,000		10,673,686
	Dell International LLC / EMC Corp, 6.1000%, 7/15/27 (144A)	5,400,000		6,237,361
	Equinix Inc, 3.2000%, 11/18/29	9,789,000		10,625,764
	Equinix Inc, 3.0000%, 7/15/50	7,799,000		7,590,065
	Fidelity National Information Services Inc, 3.7500%, 5/21/29	2,260,000		2,647,543
	Fiserv Inc, 2.2500%, 7/1/25	1,310,000	GBP	1,698,820
	Fiserv Inc, 3.5000%, 7/1/29	6,240,000		7,006,963
	Fiserv Inc, 1.6250%, 7/1/30	3,470,000	EUR	4,018,869
	Global Payments Inc, 2.6500%, 2/15/25	2,398,000		2,545,079
	Global Payments Inc, 3.2000%, 8/15/29	3,880,000		4,155,480
	Global Payments Inc, 2.9000%, 5/15/30	6,188,000		6,471,794
	Microsoft Corp, 3.4500%, 8/8/36	1,325,000		1,597,592
	MSCI Inc, 4.0000%, 11/15/29 (144A)	2,026,000		2,066,520
	MSCI Inc, 3.6250%, 9/1/30 (144A)	4,598,000		4,575,010
	Oracle Corp, 2.9500%, 4/1/30	5,490,000		6,116,095
	Oracle Corp, 3.6000%, 4/1/50	5,103,000		5,751,149
	PayPal Holdings Inc, 2.8500%, 10/1/29	2,440,000		2,670,017
	salesforce.com Inc, 3.7000%, 4/11/28	5,072,000		5,917,116
	VMware Inc, 3.9000%, 8/21/27	4,698,000		4,976,639
	VMware Inc, 4.7000%, 5/15/30	6,880,000		7,604,753
				127,803,252
Total Corporate Bonds (cost $1,193,460,822)				1,245,032,399
Foreign Government Bonds– 15.4%
	Australia Government Bond, 2.7500%, 4/21/24	29,129,000	AUD	21,946,040
	Australia Government Bond, 3.2500%, 4/21/29	54,000,000	AUD	44,998,254
	Canadian Government Bond, 1.7500%, 3/1/23	30,000,000	CAD	22,950,199
	European Investment Bank, 3.2500%, 1/29/24	17,000,000		18,769,025
	Federal Republic of Germany Bond, 0%, 2/15/30	30,000,000	EUR	35,355,210
	New Zealand Government Bond, 2.7500%, 4/15/25	66,000,000	NZD	47,234,130
	New Zealand Government Bond, 3.0000%, 4/20/29	20,000,000	NZD	15,303,035
	United Kingdom Gilt, 0.5000%, 7/22/22	33,000,000	GBP	41,380,112
Total Foreign Government Bonds (cost $245,691,774)				247,936,005
Inflation-Indexed Bonds– 0.5%
	United States Treasury Inflation Indexed Bonds, 0.1250%, 1/15/30^ÇÇ(cost $7,143,665)	7,276,275		7,867,013
Investment Companies– 4.2%
Money Markets – 4.2%
	Fidelity Investments Money Market Treasury Portfolio, 0.0800%^ºº(cost $67,435,423)	67,435,423		67,435,423
Total Investments (total cost $1,536,479,683) – 98.9%				1,590,438,934
Cash, Receivables and Other Assets, net of Liabilities – 1.1%				17,616,753
Net Assets – 100%				$1,608,055,687


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$806,049,534	50.7	%
United Kingdom	303,207,983	19.1
Germany	84,305,608	5.3
Australia	66,944,294	4.2
New Zealand	62,537,165	3.9
France	60,074,946	3.8
Ireland	51,051,452	3.2
Netherlands	37,767,914	2.4
Canada	35,572,083	2.2
Luxembourg	26,035,953	1.6
Switzerland	24,887,196	1.6
Spain	19,223,144	1.2
Bermuda	10,614,282	0.7
Belgium	2,167,380	0.1



Total	$1,590,438,934	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/20
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº	$	423^∆	$	-	$	-	$	-


		Value at 6/30/19		Purchases		Sales Proceeds		Value at 6/30/20
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº		-		6,325,280		(6,325,280)		-


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
Australian Dollar	7/29/20	58,500	$	(40,041)	$	325
Australian Dollar	7/29/20	(213,396,686)		145,185,252		(2,062,126)
British Pound	7/29/20	(161,205,316)		201,627,282		1,884,347
British Pound	7/29/20	(6,577,578)		8,123,548		(26,460)
Canadian Dollar	7/29/20	(24,699,096)		18,057,490		(140,324)
Euro	7/29/20	(225,352,733)		253,739,557		412,251
Euro	7/29/20	(4,315,685)		4,821,254		(30,165)
New Zealand Dollar	7/29/20	(92,855,587)		59,620,169		(283,473)
Total					$	(245,625)

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Sold:
10-Year US Treasury Note	800	9/30/20	$	(111,337,500)	$	(631,391)	$	125,762
Euro-Bund	193	9/10/20		(38,272,606)		(447,810)		36,137
US Treasury Long Bond	42	9/30/20		(7,499,625)		7,875		7,811
Total					$	(1,071,326)	$	169,710

Schedule of Centrally Cleared Credit Default Swaps - Sell Protection⁽¹⁾

Reference Asset Type/

Reference Asset

S&P

Credit

Rating

Maturity

Date

Notional

Amount⁽²⁾

Premiums

Paid/(Received)

Unrealized

Appreciation/

(Depreciation)

Variation

Margin

Asset/

(Liability)

Credit Default Swap Index


	iTraxx Crossover Index, Fixed Rate 5.00% Paid Quarterly⁽³⁾		NR	6/20/25	56,800,000	EUR	$	(3,245,023)	$	6,630,464	$	464,193
(1)		If a credit event occurs, the seller of protection will pay a net settlement amount equal to the notional amount of the swap less the recovery value of the reference asset from related offsetting purchase protection.
(2)		If a credit event occurs, the notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection.
(3)		For those index credit default swaps entered into by the Fund to sell protection, “Variation Margin” serves as an indicator of the current status of payment and performance risk and represents the likelihood of an expected gain or loss should the notional amount of the swap be closed or sold at period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference asset’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020

Schedule of OTC Credit Default Swaps - Buy Protection

Counterparty/

Reference Asset

Maturity

Date

Notional

Amount

Premiums

Paid/(Received)

Unrealized

Appreciation/

(Depreciation)

Swap Contracts,

at Value

Asset/(Liability)

Barclays Capital, Inc:


Renault SA, Fixed Rate 1.00%, Paid Quarterly	12/20/21	3,000,000	EUR	$	10,704	$	25,423	$	36,127

JPMorgan Chase & Co:


Host Hotels & Resorts LP, Fixed Rate 1.00%, Paid Quarterly	12/20/20	1,250,000	USD		20,186		(23,874)		(3,688)
Host Hotels & Resorts LP, Fixed Rate 1.00%, Paid Quarterly	12/20/20	1,250,000	USD		20,186		(23,873)		(3,687)
					40,372		(47,747)		(7,375)
Total				$	51,076	$	(22,324)	$	28,752

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2020

	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$2,296,923	$ -	$2,296,923
Outstanding swap contracts, at value	36,127	-	-	36,127
Variation margin receivable	464,193	-	169,710	633,903

Total Asset Derivatives	$500,320	$2,296,923	$ 169,710	$2,966,953
Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$2,542,548	$ -	$2,542,548
Outstanding swap contracts, at value	7,375	-	-	7,375

Total Liability Derivatives	$ 7,375	$2,542,548	$ -	$2,549,923


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Developed World Bond Fund

Schedule of Investments

June 30, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ (3,619,034)	$ (3,619,034)
Forward foreign currency exchange contracts	-	23,523,124	-	23,523,124
Swap contracts	(7,332,296)	-	-	(7,332,296)

Total	$(7,332,296)	$23,523,124	$ (3,619,034)	$12,571,794


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ (1,969,820)	$ (1,969,820)
Forward foreign currency exchange contracts	-	11,102,806	-	11,102,806
Swap contracts	7,072,362	-	-	7,072,362

Total	$ 7,072,362	$11,102,806	$ (1,969,820)	$16,205,348

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2020

	Market Value^(a)
Credit default swaps, sell protection	$ 1,366,947
Credit default swaps, buy protection	(415,008)
Forward foreign currency exchange contracts, purchased	46,003,614
Forward foreign currency exchange contracts, sold	815,014,722
Futures contracts, purchased	102,182,135
Futures contracts, sold	58,732,637

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information

Bloomberg Barclays Global

Aggregate Credit Index (USD Hedged)

Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


ºº	Rate shown is the 7-day yield as of June 30, 2020.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	17

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	2,898,725	$	-
Bank Loans and Mezzanine Loans			-		19,269,369		-
Corporate Bonds			-		1,245,032,399		-
Foreign Government Bonds			-		247,936,005		-
Inflation-Indexed Bonds			-		7,867,013		-
Investment Companies			67,435,423		-		-
Total Investments in Securities		$	67,435,423	$	1,523,003,511	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		2,296,923		-
Outstanding Swap Contracts, at Value			-		36,127		-
Variation Margin Receivable			169,710		464,193		-
Total Assets		$	67,605,133	$	1,525,800,754	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	2,542,548	$	-
Outstanding Swap Contracts, at Value			-		7,375		-
Total Liabilities		$	-	$	2,549,923	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


18	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities

June 30, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	1,590,438,934
	Cash			7,841
	Deposits with brokers for centrally cleared derivatives			8,451,820
	Deposits with brokers for futures			1,030,200
	Forward foreign currency exchange contracts			2,296,923
	Cash denominated in foreign currency⁽²⁾			982,927
	Outstanding swap contracts, at value⁽³⁾			36,127
	Variation margin receivable			633,903
	Non-interested Trustees' deferred compensation			32,972
	Receivables:
		Interest		12,219,012
		Investments sold		6,149,009
		Fund shares sold		4,205,722
		Dividends		6,485
		Foreign tax reclaims		65
	Other assets			109,160
Total Assets				1,626,601,100
Liabilities:
	Forward foreign currency exchange contracts			2,542,548
	Outstanding swap contracts, at value⁽⁴⁾			7,375
	Payables:			—
		Investments purchased		11,407,630
		Fund shares repurchased		2,843,119
		Advisory fees		536,239
		Dividends		325,438
		Transfer agent fees and expenses		224,141
		Professional fees		43,499
		12b-1 Distribution and shareholder servicing fees		42,549
		Non-interested Trustees' deferred compensation fees		32,972
		Custodian fees		26,270
		Non-interested Trustees' fees and expenses		7,492
		Affiliated fund administration fees payable		3,203
		Accrued expenses and other payables		502,938
Total Liabilities				18,545,413
Net Assets			$	1,608,055,687


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities

June 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,562,067,275
	Total distributable earnings (loss)		45,988,412
Total Net Assets		$	1,608,055,687
Net Assets - Class A Shares		$	59,078,770
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,945,034
Net Asset Value Per Share⁽⁵⁾		$	9.94
Maximum Offering Price Per Share⁽⁶⁾		$	10.44
Net Assets - Class C Shares		$	37,641,421
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,813,886
Net Asset Value Per Share⁽⁵⁾		$	9.87
Net Assets - Class D Shares		$	30,219,358
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,042,317
Net Asset Value Per Share		$	9.93
Net Assets - Class I Shares		$	1,348,740,452
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		136,149,503
Net Asset Value Per Share		$	9.91
Net Assets - Class N Shares		$	31,829,254
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,211,732
Net Asset Value Per Share		$	9.91
Net Assets - Class S Shares		$	223,582
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,522
Net Asset Value Per Share		$	9.93
Net Assets - Class T Shares		$	100,322,850
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,104,640
Net Asset Value Per Share		$	9.93

(1) Includes cost of $1,536,479,683.

(2) Includes cost of $982,927.

(3) Premiums paid $10,704.

(4) Premiums paid $40,372.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

20	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Statement of Operations

For the year ended June 30, 2020



Investment Income:
	Interest		$	33,124,706
	Dividends			845,006
	Affiliated securities lending income, net			423
	Unaffiliated securities lending income, net			35
	Other income			195,523
Total Investment Income				34,165,693
Expenses:
	Advisory fees			7,721,881
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		149,644
		Class C Shares		363,091
		Class S Shares		411
	Transfer agent administrative fees and expenses:
		Class D Shares		25,746
		Class S Shares		502
		Class T Shares		266,797
	Transfer agent networking and omnibus fees:
		Class A Shares		52,654
		Class C Shares		23,391
		Class I Shares		1,057,268
	Other transfer agent fees and expenses:
		Class A Shares		4,793
		Class C Shares		2,775
		Class D Shares		3,542
		Class I Shares		54,019
		Class N Shares		613
		Class S Shares		14
		Class T Shares		1,420
	Registration fees			224,118
	Shareholder reports expense			114,025
	Custodian fees			112,836
	Professional fees			65,284
	Affiliated fund administration fees			36,194
	Non-interested Trustees’ fees and expenses			32,216
	Other expenses			216,018
Total Expenses				10,529,252
Less: Excess Expense Reimbursement and Waivers				(448,532)
Net Expenses				10,080,720
Net Investment Income/(Loss)				24,084,973


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Developed World Bond Fund

Statement of Operations

For the year ended June 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(10,397,426)
	Forward foreign currency exchange contracts		23,523,124
	Futures contracts		(3,619,034)
	Swap contracts		(7,332,296)
Total Net Realized Gain/(Loss) on Investments			2,174,368
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		27,585,982
	Forward foreign currency exchange contracts		11,102,806
	Futures contracts		(1,969,820)
	Swap contracts		7,072,362
Total Change in Unrealized Net Appreciation/Depreciation			43,791,330
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	70,050,671


See Notes to Financial Statements.

22	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Statements of Changes in Net Assets



			Year ended June 30, 2020		Year ended June 30, 2019

Operations:
	Net investment income/(loss)		$	24,084,973	$	18,923,584
	Net realized gain/(loss) on investments			2,174,368		25,276,893
	Change in unrealized net appreciation/depreciation			43,791,330		34,865,553
Net Increase/(Decrease) in Net Assets Resulting from Operations				70,050,671		79,066,030
Dividends and Distributions to Shareholders:
		Class A Shares		(2,024,158)		(1,973,457)
		Class C Shares		(995,645)		(1,372,098)
		Class D Shares		(765,327)		(432,828)
		Class I Shares		(44,470,595)		(33,555,493)
		Class N Shares		(705,033)		(249,474)
		Class S Shares		(6,868)		(6,438)
		Class T Shares		(4,088,674)		(2,015,076)
Net Decrease from Dividends and Distributions to Shareholders				(53,056,300)		(39,604,864)
Capital Share Transactions:
		Class A Shares		6,448,882		9,037,750
		Class C Shares		(349,460)		(4,156,963)
		Class D Shares		13,866,899		6,636,916
		Class I Shares		383,616,125		256,127,011
		Class N Shares		26,213,329		1,398,559
		Class S Shares		61,348		31,444
		Class T Shares		31,399,317		38,211,023
Net Increase/(Decrease) from Capital Share Transactions				461,256,440		307,285,740
Net Increase/(Decrease) in Net Assets				478,250,811		346,746,906
Net Assets:
	Beginning of period			1,129,804,876		783,057,970
	End of period		$	1,608,055,687	$	1,129,804,876


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.69	$9.35	$9.46	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.18	0.21	0.26
		Net realized and unrealized gain/(loss)	0.44	0.58	(0.12)	0.11
	Total from Investment Operations		0.58	0.76	0.09	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.42)	(0.20)	(0.12)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.13)
	Total Dividends and Distributions		(0.33)	(0.42)	(0.20)	(0.25)
	Net Asset Value, End of Period		$9.94	$9.69	$9.35	$9.46
	Total Return*		6.07%	8.48%	0.99%	3.99%
	Net Assets, End of Period (in thousands)		$59,079	$51,463	$40,600	$43,047
	Average Net Assets for the Period (in thousands)		$59,858	$43,495	$43,700	$60,131
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.99%	0.98%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.99%	0.98%	1.01%
		Ratio of Net Investment Income/(Loss)	1.45%	1.98%	2.23%	2.99%
	Portfolio Turnover Rate		88%	42%	125%	112%


Class C Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.63	$9.30	$9.41	$9.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07	0.12	0.14	0.19
		Net realized and unrealized gain/(loss)	0.43	0.57	(0.12)	0.11
	Total from Investment Operations		0.50	0.69	0.02	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.36)	(0.13)	(0.08)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.10)
	Total Dividends and Distributions		(0.26)	(0.36)	(0.13)	(0.18)
	Net Asset Value, End of Period		$9.87	$9.63	$9.30	$9.41
	Total Return*		5.26%	7.67%	0.25%	3.31%
	Net Assets, End of Period (in thousands)		$37,641	$37,165	$40,085	$39,923
	Average Net Assets for the Period (in thousands)		$37,191	$36,574	$39,996	$46,079
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.72%	1.72%	1.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.62%	1.72%	1.72%	1.77%
		Ratio of Net Investment Income/(Loss)	0.74%	1.27%	1.48%	2.22%
	Portfolio Turnover Rate		88%	42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

24	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.09	$9.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.32
		Net realized and unrealized gain/(loss)	0.24	0.01
	Total from Investment Operations		0.49	0.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.37)
	Total Dividends and Distributions		(0.24)	(0.37)
	Net Asset Value, End of Period		$9.34	$9.09
	Total Return*		5.46%	3.71%
	Net Assets, End of Period (in thousands)		$66,863	$28,200
	Average Net Assets for the Period (in thousands)		$47,477	$20,111
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽²⁾	1.09%
		Ratio of Net Investment Income/(Loss)	2.72%⁽³⁾	3.52%
	Portfolio Turnover Rate		110%	54%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.04	$9.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.26
		Net realized and unrealized gain/(loss)	0.24	—⁽⁴⁾
	Total from Investment Operations		0.42	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.31)
	Total Dividends and Distributions		(0.17)	(0.31)
	Net Asset Value, End of Period		$9.29	$9.04
	Total Return*		4.70%	2.84%
	Net Assets, End of Period (in thousands)		$50,531	$30,034
	Average Net Assets for the Period (in thousands)		$40,443	$25,216
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%⁽²⁾	1.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.80%⁽²⁾	1.85%
		Ratio of Net Investment Income/(Loss)	1.98%⁽³⁾	2.84%
	Portfolio Turnover Rate		110%	54%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(3) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.

(4) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Developed World Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.69	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16	0.20	0.22	0.02
		Net realized and unrealized gain/(loss)	0.43	0.59	(0.11)	(0.03)
	Total from Investment Operations		0.59	0.79	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.44)	(0.22)	(0.01)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.02)
	Total Dividends and Distributions		(0.35)	(0.44)	(0.22)	(0.03)
	Net Asset Value, End of Period		$9.93	$9.69	$9.34	$9.45
	Total Return*		6.17%	8.78%	1.17%	(0.09)%
	Net Assets, End of Period (in thousands)		$30,219	$16,056	$8,848	$450
	Average Net Assets for the Period (in thousands)		$21,662	$10,281	$6,302	$270
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.86%	0.79%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.81%	0.79%	0.89%
		Ratio of Net Investment Income/(Loss)	1.65%	2.13%	2.39%	3.54%
	Portfolio Turnover Rate		88%	42%	125%	112%


Class I Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.66	$9.32	$9.43	$9.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17	0.21	0.23	0.27
		Net realized and unrealized gain/(loss)	0.43	0.58	(0.11)	0.12
	Total from Investment Operations		0.60	0.79	0.12	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.45)	(0.23)	(0.12)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.15)
	Total Dividends and Distributions		(0.35)	(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$9.91	$9.66	$9.32	$9.43
	Total Return*		6.36%	8.77%	1.25%	4.26%
	Net Assets, End of Period (in thousands)		$1,348,740	$948,619	$659,214	$333,853
	Average Net Assets for the Period (in thousands)		$1,202,926	$732,591	$496,179	$326,067
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.68%	0.74%	0.72%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.74%	0.72%	0.76%
		Ratio of Net Investment Income/(Loss)	1.71%	2.23%	2.47%	3.21%
	Portfolio Turnover Rate		88%	42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

26	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.06	$9.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.34
		Net realized and unrealized gain/(loss)	0.23	0.01
	Total from Investment Operations		0.50	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.40)
	Total Dividends and Distributions		(0.25)	(0.40)
	Net Asset Value, End of Period		$9.31	$9.06
	Total Return*		5.70%	3.86%
	Net Assets, End of Period (in thousands)		$323,462	$106,544
	Average Net Assets for the Period (in thousands)		$227,875	$65,902
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%⁽²⁾	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%⁽²⁾	0.84%
		Ratio of Net Investment Income/(Loss)	2.96%⁽³⁾	3.73%
	Portfolio Turnover Rate		110%	54%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.67	$9.32	$9.44	$9.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.18	0.21	0.23	0.28
		Net realized and unrealized gain/(loss)	0.42	0.59	(0.12)	0.11
	Total from Investment Operations		0.60	0.80	0.11	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.45)	(0.23)	(0.12)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.15)
	Total Dividends and Distributions		(0.36)	(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$9.91	$9.67	$9.32	$9.44
	Total Return*		6.32%	8.94%	1.19%	4.31%
	Net Assets, End of Period (in thousands)		$31,829	$5,789	$4,168	$1,340
	Average Net Assets for the Period (in thousands)		$19,208	$5,062	$2,007	$1,434
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.61%	0.71%	0.67%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.67%	0.67%	0.70%
		Ratio of Net Investment Income/(Loss)	1.82%	2.31%	2.51%	3.25%
	Portfolio Turnover Rate		88%	42%	125%	112%


Class S Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.69	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.13	0.18	0.20	—⁽⁴⁾
		Net realized and unrealized gain/(loss)	0.42	0.59	(0.12)	(0.01)
	Total from Investment Operations		0.55	0.77	0.08	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.42)	(0.19)	(0.01)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.02)
	Total Dividends and Distributions		(0.31)	(0.42)	(0.19)	(0.03)
	Net Asset Value, End of Period		$9.93	$9.69	$9.34	$9.45
	Total Return*		5.83%	8.51%	0.85%	(0.11)%
	Net Assets, End of Period (in thousands)		$224	$158	$121	$50
	Average Net Assets for the Period (in thousands)		$201	$141	$70	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.55%	3.21%	2.19%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.06%	1.06%	1.05%	1.22%
		Ratio of Net Investment Income/(Loss)	1.31%	1.91%	2.12%	(0.55)%
	Portfolio Turnover Rate		88%	42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from June 5, 2017 (inception date) through June 30, 2017.

(4) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

28	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$8.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17
		Net realized and unrealized gain/(loss)	0.32
	Total from Investment Operations		0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)
	Total Dividends and Distributions		(0.16)
	Net Asset Value, End of Period		$9.32
	Total Return*		5.57%
	Net Assets, End of Period (in thousands)		$1,528
	Average Net Assets for the Period (in thousands)		$1,413
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%⁽³⁾
		Ratio of Net Investment Income/(Loss)	2.77%⁽⁴⁾
	Portfolio Turnover Rate		110%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(4) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Developed World Bond Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.68	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.19	0.21	—⁽³⁾
		Net realized and unrealized gain/(loss)	0.44	0.58	(0.10)	(0.01)
	Total from Investment Operations		0.59	0.77	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.43)	(0.22)	(0.01)
		Distributions (from capital gains)	(0.03)	—	—	—
		Return of capital	—	—	—	(0.02)
	Total Dividends and Distributions		(0.34)	(0.43)	(0.22)	(0.03)
	Net Asset Value, End of Period		$9.93	$9.68	$9.34	$9.45
	Total Return*		6.17%	8.59%	1.11%	(0.10)%
	Net Assets, End of Period (in thousands)		$100,323	$70,554	$30,023	$55
	Average Net Assets for the Period (in thousands)		$106,719	$45,901	$19,756	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.84%	0.91%	0.89%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.90%	0.88%	0.95%
		Ratio of Net Investment Income/(Loss)	1.52%	2.05%	2.31%	(0.01)%
	Portfolio Turnover Rate		88%	42%	125%	112%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

30	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Developed World Bond Fund(the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through current income and capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Strategic Income Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial highlights.

The last fiscal year end of the Predecessor Fund was July 31, 2016. Subsequent to July 31, 2016, the Fund changed its fiscal year end to June 30, 2017, to reflect the fiscal year end of certain funds of the Trust.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


Janus Investment Fund	31

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary


32	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	33

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

Dividends and Distributions

Dividends are declared and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or the Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Derivative Instruments


34	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.


Janus Investment Fund	35

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Forward Foreign Currency Exchange Contracts

During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

Futures Contracts

During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.


36	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Swaps

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.


Janus Investment Fund	37

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

The Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

During the year, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.


38	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	39

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Counterparties

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of June 30, 2020.

· Bank Loans - Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.

· Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

· Mezzanine Loans - Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.


40	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Inflation-Linked Securities

The Fund may invest in inflation-indexed bonds, including municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. Inflation-linked bonds are fixed-income securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal. Other non-U.S. sovereign governments also issue inflation-linked securities (sometimes referred to as “linkers”) that are tied to their own local consumer price indices. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

Mortgage- and Asset-Backed Securities

Offsetting Assets and Liabilities


Janus Investment Fund	41

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc		$	36,127	$	—	$	—	$	36,127
BNP Paribas			2,296,923		(2,296,923)		—		—

Total		$	2,333,050	$	(2,296,923)	$	—	$	36,127
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	2,542,548	$	(2,296,923)	$	—	$	245,625
JPMorgan Chase & Co			7,375		—		—		7,375

Total		$	2,549,923	$	(2,296,923)	$	—	$	253,000
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.


42	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Real Estate Investing

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. Effective December 16, 2019, JPMorgan Chase Bank, National Association replaced Deutsche Bank AG as securities lending agent for the Fund. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

There were no securities on loan as of June 30, 2020.

Sovereign Debt


Janus Investment Fund	43

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	0.55
Next $500 Million	0.50
Above $1.5 Billion	0.45

The Fund’s actual investment advisory fee rate for the reporting period was 0.53% of average annual net assets before any applicable waivers.

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Effective March 31, 2020, Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, networking/omnibus/administrative fees and out-of-pocket transfer agency fees, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees


44	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

(but not including out-of-pocket costs), and administrative services fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.57% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least October 31, 2021. Networking/omnibus/administrative fees and out-of-pocket transfer agency fees were not waived under the Fund’s prior expense limitation agreement. The previous expense limit (until March 30, 2020) was 0.64%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.


Janus Investment Fund	45

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


46	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

As of June 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		-*		-*
Class I Shares		-*		-*
Class N Shares		-*		-*
Class S Shares		26		-*
Class T Shares		-*		-*

*	Less than 0.50%

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 82,416,008	$ -	$ (85,143,264)	$ -	$ -	$ 88,126	$ 48,627,542


Janus Investment Fund	47

Janus Henderson Developed World Bond Fund

Notes to Financial Statements



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(37,094,833)	$(48,048,431)	$ (85,143,264)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,541,811,392	$61,316,089	$(12,688,547)	$ 48,627,542

Information on the tax components of derivatives as of June 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,097,243	$ -	$ -	$ -

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 49,183,244	$ 3,873,056	$ -	$ -


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 39,604,864	$ -	$ -	$ -


48	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 97,535,244	$ (97,535,244)

6. Capital Share Transactions



	Year ended June 30, 2020		Year ended June 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	3,649,180	$ 35,708,506	2,714,859	$ 25,387,242
Reinvested dividends and distributions	188,803	1,833,350	191,151	1,761,837
Shares repurchased	(3,202,078)	(31,092,974)	(1,939,609)	(18,111,329)
Net Increase/(Decrease)	635,905	$ 6,448,882	966,401	$ 9,037,750
Class C Shares:
Shares sold	1,902,787	$ 18,490,357	1,394,794	$ 12,946,996
Reinvested dividends and distributions	92,453	889,160	138,504	1,265,431
Shares repurchased	(2,040,062)	(19,728,977)	(1,986,228)	(18,369,390)
Net Increase/(Decrease)	(44,822)	$ (349,460)	(452,930)	$ (4,156,963)
Class D Shares:
Shares sold	2,705,399	$ 26,522,420	1,093,219	$ 10,214,052
Reinvested dividends and distributions	76,724	745,010	46,230	427,186
Shares repurchased	(1,396,780)	(13,400,531)	(429,537)	(4,004,322)
Net Increase/(Decrease)	1,385,343	$ 13,866,899	709,912	$ 6,636,916
Class I Shares:
Shares sold	101,325,222	$985,964,932	53,728,431	$500,759,655
Reinvested dividends and distributions	4,018,988	38,927,774	3,206,723	29,510,107
Shares repurchased	(67,365,757)	(641,276,581)	(29,498,177)	(274,142,751)
Net Increase/(Decrease)	37,978,453	$383,616,125	27,436,977	$256,127,011
Class N Shares:
Shares sold	3,886,797	$ 37,866,390	411,227	$ 3,834,769
Reinvested dividends and distributions	64,923	629,285	26,313	241,984
Shares repurchased	(1,338,783)	(12,282,346)	(285,813)	(2,678,194)
Net Increase/(Decrease)	2,612,937	$ 26,213,329	151,727	$ 1,398,559
Class S Shares:
Shares sold	6,278	$ 61,936	2,902	$ 26,903
Reinvested dividends and distributions	709	6,868	699	6,438
Shares repurchased	(781)	(7,456)	(202)	(1,897)
Net Increase/(Decrease)	6,206	$ 61,348	3,399	$ 31,444
Class T Shares:
Shares sold	13,094,096	$128,213,150	6,290,721	$ 58,863,242
Reinvested dividends and distributions	419,488	4,065,526	217,967	2,010,991
Shares repurchased	(10,695,753)	(100,879,359)	(2,435,553)	(22,663,210)
Net Increase/(Decrease)	2,817,831	$ 31,399,317	4,073,135	$ 38,211,023


Janus Investment Fund	49

Janus Henderson Developed World Bond Fund

Notes to Financial Statements

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$1,580,916,667	$1,118,462,161	$ 57,401,636	$ 84,156,082

8. Recent Accounting Pronouncements

9. Other Matters

10. Subsequent Event


50	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Developed World Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Developed World Bond Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2016 and the financial highlights for each of the periods ended on or prior to July 31, 2016 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 23, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Denver, Colorado
August 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	51

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


52	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	53

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


54	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	55

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


56	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	57

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


58	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	59

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


60	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	61

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Economies of Scale


62	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	63

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


64	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	65

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


66	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	67

Janus Henderson Developed World Bond Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2020:



Capital Gain Distributions	$3,873,056
Dividends Received Deduction Percentage	1%
Qualified Dividend Income Percentage	1%


68	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	69

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant. Formerly, Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


70	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	71

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


72	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	73

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


74	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	75

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jenna Barnard 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Developed World Bond Fund	2/08-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
John Pattullo 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Developed World Bond Fund	08/12-Present	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President and Head of North America at Janus Henderson Investors (since 2017), President and Head of North America at Janus Capital Management LLC (since 2013 and 2017, respectively), President at Janus Capital Group Inc. (since 2013), President and Director at Janus International Holding LLC (since 2019 and 2011, respectively), President at Janus Holdings LLC (since 2019), President and Director at Janus Management Holdings Corporation (since 2017 and 2012, respectively), Executive Vice President and Head of North America at Janus Distributors LLC (since 2011 and 2019, respectively), Vice President and Director at Intech Investment Management LLC (since 2012), and Executive Vice President at Perkins Investment Management LLC (since 2011). Formerly, Executive Vice President at Janus Capital Group Inc., Janus International Holding LLC, and Janus Management Holdings Corporation (2011-2019), Director at Perkins Investment Management LLC (2011-2019), and Chief Financial Officer at Janus Capital Group Inc. (2011-2013).


76	JUNE 30, 2020

Janus Henderson Developed World Bond Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), and Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017-September 2017), and Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Officer, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	77

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93077 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Emerging Markets Managed Volatility Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Emerging Markets Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	14
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

Intech’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

sub-advised by

Intech Investment

Management LLC

Performance Overview

For the 12-month period ended June 30, 2020, Janus Henderson Emerging Markets Managed Volatility Fund’s Class I Shares returned -4.96%. This compares to the -3.39% return posted by the MSCI Emerging Markets Index^SM, the Fund’s benchmark.

Investment Strategy

Intech’s mathematical investment process is designed to determine potentially more efficient equity weightings of the securities in the benchmark Index, utilizing a specific mathematical optimization and disciplined rebalancing routine. Rather than trying to predict the future direction of stock prices, the process seeks to use the volatility and correlation characteristics of stocks to construct portfolios.

The investment process begins with the stocks in the MSCI Emerging Markets Index. Intech’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in order to outperform the benchmark index over the long term. Within specific risk constraints, the investment process will tend to favor stocks with higher relative volatility and lower correlation as they offer more potential to capture volatility through periodic rebalancing. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. The Janus Henderson Emerging Markets Managed Volatility Fund focuses on seeking an excess return above the benchmark, while also reducing or managing the standard deviation of the portfolio depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

Performance Review

Emerging markets experienced an uptick in volatility and a significant drawdown amid concerns over the global economic impact of the COVID-19 coronavirus. Despite a recovery of over 18% in the second quarter of 2020, emerging markets have declined by nearly 10% year to date, and are in negative territory for the trailing one-year period. Despite the brief but significant market sell-off in the first quarter, risk taking was generally rewarded over the past 12 months and defensive segments of the market tended to lag on average during the period, particularly during the market rally.

Despite providing some downside protection during the market drawdown, the Fund’s defensive positioning acted as a headwind to relative performance over the entire period. More specifically, an average underweight to higher-beta stocks was a detractor as higher-beta stocks strongly outperformed lower-beta stocks and the overall broad market in the risk on environment during the period.

The Fund was also negatively impacted by its smaller size positioning as larger-capitalization stocks outperformed the smaller-capitalization stocks within the Index over the past 12 months. From a sector perspective, while the Fund benefited from an average overweight to communication services, which was among the strongest-performing sectors during the period, overall active sector positioning was a detractor to relative performance. An average underweight to information technology and overweight to the defensive utilities sector detracted from the Fund’s relative performance.

Outlook

Because Intech does not conduct traditional economic or fundamental analysis, Intech has no view on individual stocks, sectors, economic or market conditions.

Managing downside exposure potentially allows for returns to compound and improve risk-adjusted returns over time. The Fund’s long-term investment objective is to produce an excess return over the benchmark with lower absolute risk. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As Intech’s ongoing research efforts yield


Janus Investment Fund	1

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

modest improvements, we will continue implementing changes that aim to improve the long-term results for our fund shareholders.

Thank you for your investment in Janus Henderson Emerging Markets Managed Volatility Fund.


2	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	5.8%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	3.4%
Taiwan Mobile Co Ltd
Wireless Telecommunication Services	3.1%
Tencent Holdings Ltd
Interactive Media & Services	2.9%
China Resources Gas Group Ltd
Gas Utilities	2.2%
	17.4%


Asset Allocation - (% of Net Assets)
Common Stocks	99.7%
Investments Purchased with Cash Collateral from Securities Lending	0.4%
Preferred Stocks	0.3%
Corporate Bonds	0.0%
Other		(0.4)%
		100.0%

Emerging markets comprised 100.0% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of June 30, 2020

As of June 30, 2019


Janus Investment Fund	3

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-5.37%	2.32%	3.12%	6.70%	1.28%
Class A Shares at MOP	-10.82%	1.12%	2.02%
Class C Shares at NAV	-5.43%	1.90%	2.66%	11.41%	1.87%
Class C Shares at CDSC	-6.35%	1.90%	2.66%
Class D Shares⁽¹⁾	-5.19%	2.52%	3.31%	5.63%	1.03%
Class I Shares	-4.96%	2.59%	3.40%	8.15%	1.00%
Class N Shares	-5.01%	-0.42%	-0.29%	5.63%	0.86%
Class S Shares	-5.24%	2.38%	3.14%	10.92%	1.37%
Class T Shares	-5.27%	2.51%	3.29%	6.61%	1.12%
MSCI Emerging Markets Index	-3.39%	2.86%	3.92%
Morningstar Quartile - Class I Shares	3rd	2nd	2nd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	535/824	353/684	343/651

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2019.


4	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

Intech's focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Returns include reinvestment of all dividends and distributionsand do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017 reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund’s commencement Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 17, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


Janus Investment Fund	5

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$925.70	$6.56	$1,000.00	$1,018.05	$6.87	1.37%
Class C Shares		$1,000.00	$924.10	$7.46	$1,000.00	$1,017.11	$7.82	1.56%
Class D Shares		$1,000.00	$926.40	$5.17	$1,000.00	$1,019.49	$5.42	1.08%
Class I Shares		$1,000.00	$927.50	$5.18	$1,000.00	$1,019.49	$5.42	1.08%
Class N Shares		$1,000.00	$928.10	$4.41	$1,000.00	$1,020.29	$4.62	0.92%
Class S Shares		$1,000.00	$926.40	$6.04	$1,000.00	$1,018.60	$6.32	1.26%
Class T Shares		$1,000.00	$926.50	$5.60	$1,000.00	$1,019.05	$5.87	1.17%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Corporate Bonds– 0%
Consumer Non-Cyclical – 0%
	Britannia Industries Ltd, 8.0000%, 8/28/22(cost $1)	100	INR	$1
Common Stocks– 99.7%
Air Freight & Logistics – 0.4%
	ZTO Express Cayman Inc	610		22,393
Automobiles – 1.1%
	Bajaj Auto Ltd	1,129		42,465
	Eicher Motors Ltd	34		8,303
	Hero MotoCorp Ltd	207		7,017
				57,785
Banks – 16.1%
	Agricultural Bank of China Ltd*	64,000		25,792
	Al Rajhi Bank	1,408		21,259
	Alinma Bank	13,149		51,007
	Bank Central Asia Tbk PT	21,200		42,501
	Bank of China Ltd*	85,000		31,437
	Bank of Communications Co Ltd*	28,000		17,242
	Chang Hwa Commercial Bank Ltd	29,262		19,165
	China CITIC Bank Corp Ltd	46,000		20,078
	China Construction Bank Corp	39,000		31,516
	China Merchants Bank Co Ltd	6,500		29,938
	China Minsheng Banking Corp Ltd*	84,000		57,704
	Commercial Bank PQSC	20,547		21,459
	CTBC Financial Holding Co Ltd	1,000		688
	E.Sun Financial Holding Co Ltd	24,050		22,606
	First Abu Dhabi Bank PJSC	1,813		5,608
	First Financial Holding Co Ltd	141,443		108,370
	Hua Nan Financial Holdings Co Ltd	47,816		32,352
	Industrial & Commercial Bank of China Ltd	54,000		32,709
	Malayan Banking Bhd	13,000		22,888
	Masraf Al Rayan QSC	11,440		12,007
	Mega Financial Holding Co Ltd	19,000		19,872
	National Commercial Bank	257		2,554
	Postal Savings Bank of China Co Ltd (144A)	62,000		35,638
	Public Bank Bhd	13,500		52,257
	Qatar Islamic Bank SAQ	4,165		18,054
	Qatar National Bank QPSC	5,109		24,432
	RHB Bank Bhd	4,800		5,399
	SinoPac Financial Holdings Co Ltd	29,500		10,826
	Taiwan Business Bank	4,000		1,461
	Taiwan Cooperative Financial Holding Co Ltd	109,575		76,915
				853,734
Beverages – 0.4%
	Arca Continental SAB de CV	2,100		9,207
	China Resources Beer Holdings Co Ltd	2,000		11,163
				20,370
Biotechnology – 0.5%
	Innovent Biologics Inc (144A)*	3,500		25,997
Capital Markets – 0.4%
	Reinet Investments SCA	1,138		19,980
Chemicals – 3.7%
	Asian Paints Ltd	2,241		50,399
	Mesaieed Petrochemical Holding Co	25,738		14,286
	Pidilite Industries Ltd	861		15,726
	Saudi Arabian Fertilizer Co	2,723		54,105
	Saudi Basic Industries Corp	234		5,500
	Yanbu National Petrochemical Co	4,057		55,414
				195,430


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Communications Equipment – 0.1%
	Accton Technology Corp	1,000	$7,713
Construction & Engineering – 0.2%
	China Railway Construction Corp Ltd	10,500	8,258
Construction Materials – 0.7%
	Anhui Conch Cement Co Ltd	500	3,363
	Asia Cement Corp	3,000	4,427
	China Resources Cement Holdings Ltd	2,000	2,469
	Shree Cement Ltd	63	19,388
	Taiwan Cement Corp	4,000	5,786
			35,433
Diversified Consumer Services – 0.6%
	GSX Techedu Inc (ADR)*^,#	60	3,599
	New Oriental Education & Technology Group Inc (ADR)*	44	5,730
	TAL Education Group (ADR)*	304	20,788
			30,117
Diversified Telecommunication Services – 6.6%
	China Tower Corp Ltd (144A)	20,000	3,540
	Chunghwa Telecom Co Ltd	77,000	305,300
	Saudi Telecom Co	1,485	39,216
			348,056
Electric Utilities – 1.4%
	Power Grid Corp of India Ltd	3,103	7,224
	Saudi Electricity Co	7,179	29,907
	Tenaga Nasional Bhd	14,400	39,139
			76,270
Electrical Equipment – 0.2%
	Havells India Ltd	1,332	10,232
Electronic Equipment, Instruments & Components – 0.3%
	Hon Hai Precision Industry Co Ltd	1,000	2,920
	Synnex Technology International Corp	3,000	4,231
	WPG Holdings Ltd	7,000	9,295
			16,446
Energy Equipment & Services – 0.1%
	Dialog Group Bhd	4,600	3,900
Entertainment – 2.5%
	Alibaba Pictures Group Ltd*	260,000	34,580
	NCSoft Corp	17	12,682
	NetEase Inc (ADR)	18	7,729
	Netmarble Corp (144A)*	891	74,904
			129,895
Food & Staples Retailing – 3.7%
	Avenue Supermarts Ltd (144A)*	1,994	60,717
	BIM Birlesik Magazalar AS	1,023	10,163
	CP ALL PCL	21,400	46,934
	President Chain Store Corp	1,000	10,047
	Raia Drogasil SA	400	8,138
	SPAR Group Ltd	1,584	15,667
	Sun Art Retail Group Ltd	23,000	39,273
	Wal-Mart de Mexico SAB de CV	2,974	7,138
			198,077
Food Products – 7.2%
	Almarai Co JSC	1,990	27,626
	China Huishan Dairy Holdings Co Ltd^¢	55,000	0
	China Mengniu Dairy Co Ltd*	7,000	26,696
	Gruma SAB de CV	1,010	10,903
	Grupo Bimbo SAB de CV	9,973	16,696
	Indofood Sukses Makmur Tbk PT*	2,500	1,149
	IOI Corp Bhd	39,600	40,265
	Kuala Lumpur Kepong Bhd	2,800	14,544


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Food Products – (continued)
	Nestle India Ltd	184	$41,888
	Nestle Malaysia Bhd	1,400	45,672
	Orion Corp/Republic of Korea	86	9,653
	PPB Group Bhd	12,320	51,208
	Savola Group	4,122	46,286
	Sime Darby Plantation Bhd	14,300	16,536
	Tingyi Cayman Islands Holding Corp	10,000	15,498
	Uni-President Enterprises Corp	4,000	9,655
	Universal Robina Corp	2,590	6,709
			380,984
Gas Utilities – 3.5%
	China Gas Holdings Ltd	3,400	10,471
	China Resources Gas Group Ltd	24,000	116,795
	ENN Energy Holdings Ltd	1,900	21,340
	Petronas Gas Bhd	9,300	36,715
			185,321
Health Care Equipment & Supplies – 1.6%
	Hartalega Holdings Bhd	4,800	14,668
	Shandong Weigao Group Medical Polymer Co Ltd	24,000	53,327
	Top Glove Corp Bhd	4,500	17,024
			85,019
Health Care Providers & Services – 0.3%
	Bangkok Dusit Medical Services PCL	8,100	5,901
	Bumrungrad Hospital PCL	1,300	4,906
	Celltrion Healthcare Co Ltd	30	2,706
			13,513
Health Care Technology – 1.1%
	Ping An Healthcare and Technology Co Ltd (144A)*	3,800	57,734
Hotels, Restaurants & Leisure – 0.1%
	Haidilao International Holding Ltd (144A)	1,000	4,252
	Yum China Holdings Inc	27	1,298
			5,550
Household Products – 1.3%
	Hindustan Unilever Ltd	2,070	59,836
	Kimberly-Clark de Mexico SAB de CV	4,574	7,142
			66,978
Independent Power and Renewable Electricity Producers – 0%
	Gulf Energy Development PCL	1,300	1,591
Industrial Conglomerates – 0.5%
	CITIC Ltd	6,000	5,645
	Industries Qatar QSC	11,033	23,338
			28,983
Information Technology Services – 0.8%
	GDS Holdings Ltd (ADR)*^,#	364	28,996
	Tata Consultancy Services Ltd	82	2,270
	Tech Mahindra Ltd	1,199	8,691
			39,957
Insurance – 0.7%
	Cathay Financial Holding Co Ltd	1,000	1,417
	HDFC Life Insurance Co Ltd (144A)*	345	2,513
	ICICI Lombard General Insurance Co Ltd (144A)	1,958	33,051
			36,981
Interactive Media & Services – 3.8%
	Autohome Inc (ADR)	13	981
	Info Edge India Ltd	517	18,929
	Kakao Corp	94	21,107
	NAVER Corp	26	5,831


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Interactive Media & Services – (continued)
	Tencent Holdings Ltd	2,400	$154,165
			201,013
Internet & Direct Marketing Retail – 5.9%
	Alibaba Group Holding Ltd (ADR)*	829	178,815
	JD.com Inc (ADR)*	18	1,083
	Meituan Dianping*	3,600	79,970
	Pinduoduo Inc (ADR)*	601	51,590
	Vipshop Holdings Ltd (ADR)*	22	438
			311,896
Leisure Products – 0%
	HLB Inc	22	1,696
Life Sciences Tools & Services – 1.3%
	Divi's Laboratories Ltd	1,924	58,259
	Wuxi Biologics Cayman Inc (144A)*	500	9,162
			67,421
Machinery – 0.8%
	China Conch Venture Holdings Ltd	10,000	42,227
Marine – 0.7%
	MISC Bhd	20,000	35,819
Metals & Mining – 2.3%
	China Steel Corp	2,000	1,401
	Eregli Demir ve Celik Fabrikalari TAS*	31,079	38,949
	MMC Norilsk Nickel PJSC (ADR)	302	7,895
	Polymetal International PLC	1,162	23,273
	Polyus PJSC (REG) (GDR)	375	31,583
	Saudi Arabian Mining Co*	1,833	17,017
			120,118
Multi-Utilities – 0.3%
	Qatar Electricity & Water Co QSC	3,312	14,387
Oil, Gas & Consumable Fuels – 3.4%
	China Shenhua Energy Co Ltd	36,000	56,224
	Formosa Petrochemical Corp	1,000	2,994
	Hindustan Petroleum Corp Ltd*	1,439	4,135
	Indian Oil Corp Ltd	43,643	49,379
	Petronet LNG Ltd	7,948	27,276
	Qatar Fuel QSC	8,409	37,293
			177,301
Personal Products – 2.2%
	Dabur India Ltd	12,075	74,872
	Godrej Consumer Products Ltd	150	1,378
	Hengan International Group Co Ltd	3,000	23,468
	Marico Ltd	3,259	15,274
			114,992
Pharmaceuticals – 4.2%
	Cipla Ltd/India	1,845	15,715
	Dr Reddy's Laboratories Ltd	947	49,750
	Hansoh Pharmaceutical Group Co Ltd (144A)*	14,000	66,319
	Lupin Ltd	5,041	61,222
	Sino Biopharmaceutical Ltd	1,000	1,886
	Sun Pharmaceutical Industries Ltd	4,069	25,514
			220,406
Real Estate Management & Development – 0.6%
	Country Garden Services Holdings Co Ltd	6,000	27,901
	Longfor Group Holdings Ltd (144A)	1,000	4,763
			32,664
Road & Rail – 0.2%
	BTS Group Holdings PCL	31,500	11,538


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – 1.4%
	Hanergy Thin Film Power Group - SPV Shares*^,¢	52,000	$3,153
	Semiconductor Manufacturing International Corp*	9,500	33,141
	Taiwan Semiconductor Manufacturing Co Ltd	3,000	31,756
	United Microelectronics Corp	16,000	8,610
			76,660
Software – 1.2%
	Globant SA*	11	1,648
	Kingdee International Software Group Co Ltd*	27,000	62,857
			64,505
Specialty Retail – 0.3%
	Jarir Marketing Co	380	14,797
	Zhongsheng Group Holdings Ltd	500	2,790
			17,587
Technology Hardware, Storage & Peripherals – 1.6%
	Advantech Co Ltd	1,000	9,996
	Inventec Corp	6,000	5,135
	Lite-On Technology Corp	21,000	33,114
	Micro-Star International Co Ltd	1,000	3,637
	Quanta Computer Inc	3,000	7,207
	Wiwynn Corp	1,000	27,129
			86,218
Textiles, Apparel & Luxury Goods – 0.3%
	Titan Co Ltd	1,158	14,635
Tobacco – 0.3%
	ITC Ltd*	1,094	2,829
	KT&G Corp	175	11,436
			14,265
Transportation Infrastructure – 0.6%
	DP World PLC	1,817	29,708
	Shenzhen International Holdings Ltd	1,000	1,597
			31,305
Water Utilities – 2.1%
	Guangdong Investment Ltd	66,000	113,293
Wireless Telecommunication Services – 10.1%
	Advanced Info Service PCL	13,000	77,846
	Bharti Airtel Ltd*	3,640	26,970
	DiGi.Com Bhd	21,900	22,138
	Etihad Etisalat Co*	3,611	25,627
	Far EasTone Telecommunications Co Ltd	47,000	108,255
	Intouch Holdings PCL	700	1,276
	Maxis Bhd	12,400	15,624
	PLDT Inc	3,340	83,356
	Taiwan Mobile Co Ltd	44,000	164,718
	Turkcell Iletisim Hizmetleri AS	4,601	11,049
			536,859
Total Common Stocks (cost $4,815,608)			5,269,502
Preferred Stocks– 0.3%
Diversified Telecommunication Services – 0.3%
	Telefonica Brasil SA(cost $17,346)	2,000	17,667
Investments Purchased with Cash Collateral from Securities Lending– 0.4%
Investment Companies – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº,£	16,637	16,637


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Investments Purchased with Cash Collateral from Securities Lending– (continued)
Time Deposits – 0.1%
	Royal Bank of Canada, 0.0900%, 7/1/20	$4,159	$4,159
Total Investments Purchased with Cash Collateral from Securities Lending (cost $20,796)			20,796
Total Investments (total cost $4,853,751) – 100.4%			5,307,966
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(20,198)
Net Assets – 100%			$5,287,768


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$1,728,811	32.6	%
Taiwan	1,056,998	19.9
India	815,858	15.4
Malaysia	433,796	8.2
Saudi Arabia	390,315	7.3
Qatar	165,256	3.1
Thailand	149,992	2.8
South Korea	140,015	2.6
Philippines	90,065	1.7
Russia	62,751	1.2
Turkey	60,161	1.1
Mexico	51,086	1.0
Indonesia	43,650	0.8
South Africa	35,647	0.7
United Arab Emirates	35,316	0.7
Brazil	25,805	0.5
United States	20,796	0.4
Argentina	1,648	0.0



Total	$5,307,966	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/20
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 0.1535%^ºº	$	816	$	(28)	$	-	$	-
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº		6^∆		-		-		16,637
Total Affiliated Investments - 0.3%		$	822	$	(28)	$	-	$	16,637


		Value at 6/30/19		Purchases		Sales Proceeds		Value at 6/30/20
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 0.1535%^ºº		62,000		3,024,384		(3,086,356)		-
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº		-		103,862		(87,225)		16,637


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2020.


#	Loaned security; a portion of the security is on loan at June 30, 2020.


¢	Security is valued using significant unobservable inputs.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


14	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Corporate Bonds	$	-	$	1	$	-
Common Stocks
Air Freight & Logistics		22,393		-		-
Beverages		9,207		11,163		-
Diversified Consumer Services		30,117		-		-
Entertainment		7,729		122,166		-
Food & Staples Retailing		15,276		182,801		-
Food Products		27,599		353,385		0
Hotels, Restaurants & Leisure		1,298		4,252		-
Household Products		7,142		59,836		-
Information Technology Services		28,996		10,961		-
Interactive Media & Services		981		200,032		-
Internet & Direct Marketing Retail		231,926		79,970		-
Semiconductor & Semiconductor Equipment		-		73,507		3,153
Software		1,648		62,857		-
All Other		-		3,721,107		-
Preferred Stocks		-		17,667		-
Investments Purchased with Cash Collateral from Securities Lending		-		20,796		-
Total Assets	$	384,312	$	4,920,501	$	3,153


Janus Investment Fund	15

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	5,291,329
	Affiliated investments, at value⁽³⁾			16,637
	Cash denominated in foreign currency⁽⁴⁾			1,600
	Non-interested Trustees' deferred compensation			109
	Receivables:
		Investments sold		100,039
		Due from adviser		23,837
		Dividends		21,290
		Fund shares sold		953
		Foreign tax reclaims		95
	Other assets			44
Total Assets				5,455,933
Liabilities:
	Due to custodian			50,804
	Collateral for securities loaned (Note 2)			20,796
	Payables:			—
		Professional fees		51,001
		Non-affiliated fund administration fees payable		18,556
		Custodian fees		15,428
		Advisory fees		4,406
		Transfer agent fees and expenses		1,002
		Fund shares repurchased		753
		Non-interested Trustees' deferred compensation fees		109
		12b-1 Distribution and shareholder servicing fees		64
		Non-interested Trustees' fees and expenses		31
		Affiliated fund administration fees payable		11
		Accrued expenses and other payables		5,204
Total Liabilities				168,165
Net Assets			$	5,287,768


See Notes to Financial Statements.

16	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	5,582,693
	Total distributable earnings (loss)		(294,925)
Total Net Assets		$	5,287,768
Net Assets - Class A Shares		$	24,889
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,435
Net Asset Value Per Share⁽⁵⁾		$	10.22
Maximum Offering Price Per Share⁽⁶⁾		$	10.84
Net Assets - Class C Shares		$	57,852
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,725
Net Asset Value Per Share⁽⁵⁾		$	10.11
Net Assets - Class D Shares		$	3,152,028
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		313,012
Net Asset Value Per Share		$	10.07
Net Assets - Class I Shares		$	330,705
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,760
Net Asset Value Per Share		$	10.09
Net Assets - Class N Shares		$	1,524,842
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		151,510
Net Asset Value Per Share		$	10.06
Net Assets - Class S Shares		$	59,309
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,892
Net Asset Value Per Share		$	10.07
Net Assets - Class T Shares		$	138,143
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,707
Net Asset Value Per Share		$	10.08

(1) Includes cost of $4,837,114.

(2) Includes $20,380 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $16,637.

(4) Includes cost of $1,600.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2020

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	182,143
	Dividends from affiliates			816
	Affiliated securities lending income, net			6
	Other income			181
	Foreign tax withheld			(19,997)
Total Investment Income				163,149
Expenses:
	Advisory fees			59,574
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		60
		Class C Shares		183
		Class S Shares		47
	Transfer agent administrative fees and expenses:
		Class D Shares		4,741
		Class S Shares		149
		Class T Shares		568
	Transfer agent networking and omnibus fees:
		Class A Shares		19
		Class C Shares		—
		Class I Shares		232
	Other transfer agent fees and expenses:
		Class A Shares		17
		Class C Shares		13
		Class D Shares		1,738
		Class I Shares		39
		Class N Shares		265
		Class S Shares		10
		Class T Shares		35
	Registration fees			108,160
	Non-affiliated fund administration fees			65,802
	Professional fees			60,720
	Custodian fees			54,026
	Shareholder reports expense			4,240
	Affiliated fund administration fees			157
	Non-interested Trustees’ fees and expenses			126
	Other expenses			10,353
Total Expenses				371,274
Less: Excess Expense Reimbursement and Waivers				(302,297)
Net Expenses				68,977
Net Investment Income/(Loss)				94,172


See Notes to Financial Statements.

18	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	(308,459)
	Investments in affiliates		(28)
Total Net Realized Gain/(Loss) on Investments			(308,487)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		(252,415)
Total Change in Unrealized Net Appreciation/Depreciation			(252,415)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(466,730)

(1) Includes realized foreign capital gains tax on investments of $(976).

(2) Includes change in unrealized appreciation/depreciation of $6,841 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Year ended June 30, 2020		Year ended June 30, 2019

Operations:
	Net investment income/(loss)		$	94,172	$	139,465
	Net realized gain/(loss) on investments			(308,487)		(352,445)
	Change in unrealized net appreciation/depreciation			(252,415)		500,549
Net Increase/(Decrease) in Net Assets Resulting from Operations				(466,730)		287,569
Dividends and Distributions to Shareholders:
		Class A Shares		—		(37,735)
		Class C Shares		(1,314)		(4,903)
		Class D Shares		(88,370)		(486,261)
		Class I Shares		(7,033)		(8,747)
		Class N Shares		(45,472)		(154,249)
		Class S Shares		(1,366)		(5,575)
		Class T Shares		(4,610)		(23,736)
Net Decrease from Dividends and Distributions to Shareholders				(148,165)		(721,206)
Capital Share Transactions:
		Class A Shares		(2,228)		(342,162)
		Class C Shares		1,314		(29,828)
		Class D Shares		(982,037)		(2,227,777)
		Class I Shares		319,201		(55,934)
		Class N Shares		(212,395)		385,281
		Class S Shares		1,366		5,575
		Class T Shares		(307,364)		262,070
Net Increase/(Decrease) from Capital Share Transactions				(1,182,143)		(2,002,775)
Net Increase/(Decrease) in Net Assets				(1,797,038)		(2,436,412)
Net Assets:
	Beginning of period			7,084,806		9,521,218
	End of period		$	5,287,768	$	7,084,806


See Notes to Financial Statements.

20	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.80	$11.57	$10.47	$9.48	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.15	0.17	0.17	0.08	0.18
		Net realized and unrealized gain/(loss)	(0.73)	0.15	1.14	1.01	(1.03)
	Total from Investment Operations		(0.58)	0.32	1.31	1.09	(0.85)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.13)	(0.15)	(0.10)	(0.08)
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		—	(1.09)	(0.21)	(0.10)	(0.16)
	Net Asset Value, End of Period		$10.22	$10.80	$11.57	$10.47	$9.48
	Total Return*		(5.37)%	3.40%	12.50%	11.64%	(8.06)%
	Net Assets, End of Period (in thousands)		$25	$29	$410	$169	$145
	Average Net Assets for the Period (in thousands)		$23	$319	$206	$152	$140
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	19.07%	6.63%	4.40%	7.53%	10.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.33%	1.30%	1.29%	1.30%
		Ratio of Net Investment Income/(Loss)	1.46%	1.55%	1.46%	0.85%	1.89%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%


Class C Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.91	$11.51	$10.44	$9.44	$10.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.13	0.19	0.06	0.01	0.10
		Net realized and unrealized gain/(loss)	(0.70)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		(0.57)	0.36	1.22	1.02	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	—	(0.09)	(0.02)	—⁽²⁾
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.23)	(0.96)	(0.15)	(0.02)	(0.08)
	Net Asset Value, End of Period		$10.11	$10.91	$11.51	$10.44	$9.44
	Total Return*		(5.33)%	3.74%	11.66%	10.85%	(8.77)%
	Net Assets, End of Period (in thousands)		$58	$61	$93	$84	$48
	Average Net Assets for the Period (in thousands)		$58	$60	$108	$52	$46
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.93%	10.71%	5.29%	8.12%	11.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.31%	2.00%	2.05%	2.08%
		Ratio of Net Investment Income/(Loss)	1.30%	1.76%	0.54%	0.14%	1.11%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.84	$11.57	$10.47	$9.49	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.15	0.20	0.15	0.10	0.19
		Net realized and unrealized gain/(loss)	(0.70)	0.17	1.18	0.99	(1.02)
	Total from Investment Operations		(0.55)	0.37	1.33	1.09	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.14)	(0.17)	(0.11)	(0.09)
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.22)	(1.10)	(0.23)	(0.11)	(0.17)
	Net Asset Value, End of Period		$10.07	$10.84	$11.57	$10.47	$9.49
	Total Return*		(5.19)%	3.84%	12.68%	11.70%	(7.89)%
	Net Assets, End of Period (in thousands)		$3,152	$4,522	$7,047	$4,206	$1,488
	Average Net Assets for the Period (in thousands)		$3,991	$4,963	$7,312	$2,602	$1,194
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.73%	5.63%	3.79%	6.89%	10.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.15%	1.13%	1.22%	1.19%
		Ratio of Net Investment Income/(Loss)	1.46%	1.86%	1.27%	1.00%	2.08%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%


Class I Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.87	$11.64	$10.48	$9.49	$10.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.14	0.22	0.21	0.10	0.21
		Net realized and unrealized gain/(loss)	(0.67)	0.12	1.13	1.01	(1.04)
	Total from Investment Operations		(0.53)	0.34	1.34	1.11	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.15)	(0.12)	(0.12)	(0.10)
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.25)	(1.11)	(0.18)	(0.12)	(0.18)
	Net Asset Value, End of Period		$10.09	$10.87	$11.64	$10.48	$9.49
	Total Return*		(5.05)%	3.59%	12.82%	11.93%	(7.82)%
	Net Assets, End of Period (in thousands)		$331	$41	$102	$831	$664
	Average Net Assets for the Period (in thousands)		$192	$99	$374	$765	$391
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.97%	8.15%	4.79%	7.62%	9.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.06%	1.16%	1.18%	1.10%	1.04%
		Ratio of Net Investment Income/(Loss)	1.41%	2.05%	1.79%	0.97%	2.30%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$10.85	$11.59	$11.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16	0.21	0.15
		Net realized and unrealized gain/(loss)	(0.70)	0.17	0.58
	Total from Investment Operations		(0.54)	0.38	0.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.16)	(0.18)
		Distributions (from capital gains)	—	(0.96)	(0.06)
	Total Dividends and Distributions		(0.25)	(1.12)	(0.24)
	Net Asset Value, End of Period		$10.06	$10.85	$11.59
	Total Return*		(5.10)%	3.98%	6.57%
	Net Assets, End of Period (in thousands)		$1,525	$1,915	$1,614
	Average Net Assets for the Period (in thousands)		$1,721	$1,667	$1,086
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.61%	5.63%	3.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	0.99%	0.97%
		Ratio of Net Investment Income/(Loss)	1.60%	1.95%	1.35%
	Portfolio Turnover Rate		99%	66%	132%


Class S Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.86	$11.57	$10.47	$9.48	$10.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.19	0.14	0.07	0.17
		Net realized and unrealized gain/(loss)	(0.69)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		(0.55)	0.36	1.30	1.08	(0.85)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.11)	(0.14)	(0.09)	(0.06)
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.24)	(1.07)	(0.20)	(0.09)	(0.14)
	Net Asset Value, End of Period		$10.07	$10.86	$11.57	$10.47	$9.48
	Total Return*		(5.24)%	3.80%	12.38%	11.52%	(8.06)%
	Net Assets, End of Period (in thousands)		$59	$63	$60	$54	$48
	Average Net Assets for the Period (in thousands)		$60	$60	$61	$50	$47
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.82%	10.71%	5.54%	7.83%	10.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.19%	1.40%	1.42%	1.33%
		Ratio of Net Investment Income/(Loss)	1.38%	1.75%	1.15%	0.71%	1.87%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 4, 2017 (inception date) through June 30, 2018.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during the year ended June 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.84	$11.58	$10.48	$9.49	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.19	0.16	0.09	0.19
		Net realized and unrealized gain/(loss)	(0.74)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		(0.56)	0.36	1.32	1.10	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.14)	(0.16)	(0.11)	(0.09)
		Distributions (from capital gains)	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.20)	(1.10)	(0.22)	(0.11)	(0.17)
	Net Asset Value, End of Period		$10.08	$10.84	$11.58	$10.48	$9.49
	Total Return*		(5.27)%	3.82%	12.64%	11.78%	(7.89)%
	Net Assets, End of Period (in thousands)		$138	$454	$195	$174	$175
	Average Net Assets for the Period (in thousands)		$227	$310	$207	$170	$155
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.95%	6.61%	4.51%	7.67%	10.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.21%	1.16%	1.18%	1.11%
		Ratio of Net Investment Income/(Loss)	1.72%	1.77%	1.36%	0.93%	2.10%
	Portfolio Turnover Rate		99%	66%	132%	116%	84%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

24	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Managed Volatility Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


Janus Investment Fund	25

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.


26	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The Fund did not hold a significant amount of Level 3 securities as of June 30, 2020.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	27

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


28	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

Counterparties

Emerging Market Investing

The Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on


Janus Investment Fund	29

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association		$	20,380	$	—	$	(20,380)	$	—

(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the “SEC”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.

Real Estate Investing

To the extent that real estate-related securities may be included in the Fund’s named benchmark index, Intech’s mathematical investment process may select equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Securities Lending


30	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $20,380. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2020 is $20,796, resulting in the net amount due to the counterparty of $416.

3. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.95
Next $1 Billion	0.92
Next $3 Billion	0.90

The Fund’s actual investment advisory fee rate for the reporting period was 0.95% of average annual net assets before any applicable waivers.

Intech Investment Management LLC (“Intech”) serves as subadviser to the Fund. As subadviser, Intech provides day-to-day management of the investment operations of the Fund subject to the general oversight of Janus Capital. Janus Capital owns approximately 97% of Intech.

Janus Capital pays Intech a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).


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Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.85% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2019. The previous expense limit (until at least November 1, 2019) was 0.95%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.


32	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests


Janus Investment Fund	33

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2020.

As of June 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	100		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	3		1
Class S Shares	100		1
Class T Shares	-		-


34	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

4. Federal Income Tax

Other book to tax differences primarily consist of deferred compensation and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 17,513	$ -	$ (737,828)	$ -	$ -	$ (1,023)	$ 426,413



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (659,426)	$ (78,402)	$ (737,828)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 4,881,553	$ 598,926	$ (172,513)	$ 426,413


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Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 148,165	$ -	$ -	$ -


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 216,334	$ 504,872	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (6,182)	$ 6,182


36	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended June 30, 2020		Year ended June 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,674	$ 17,785	5,418	$ 58,831
Reinvested dividends and distributions	-	-	3,740	37,735
Shares repurchased	(1,878)	(20,013)	(41,932)	(438,728)
Net Increase/(Decrease)	(204)	$ (2,228)	(32,774)	$ (342,162)
Class C Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	120	1,314	484	4,903
Shares repurchased	-	-	(2,997)	(34,731)
Net Increase/(Decrease)	120	$ 1,314	(2,513)	$ (29,828)
Class D Shares:
Shares sold	97,720	$ 976,176	124,139	$ 1,362,557
Reinvested dividends and distributions	8,049	87,014	47,395	478,685
Shares repurchased	(209,848)	(2,045,227)	(363,712)	(4,069,019)
Net Increase/(Decrease)	(104,079)	$ (982,037)	(192,178)	$(2,227,777)
Class I Shares:
Shares sold	29,989	$ 328,879	17,603	$ 187,089
Reinvested dividends and distributions	649	7,033	862	8,747
Shares repurchased	(1,635)	(16,711)	(23,484)	(251,770)
Net Increase/(Decrease)	29,003	$ 319,201	(5,019)	$ (55,934)
Class N Shares:
Shares sold	69,274	$ 707,315	54,903	$ 594,690
Reinvested dividends and distributions	4,214	45,472	15,272	154,249
Shares repurchased	(98,553)	(965,182)	(32,928)	(363,658)
Net Increase/(Decrease)	(25,065)	$ (212,395)	37,247	$ 385,281
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	126	1,366	552	5,575
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	126	$ 1,366	552	$ 5,575
Class T Shares:
Shares sold	16,160	$ 162,388	48,366	$ 507,187
Reinvested dividends and distributions	426	4,610	2,350	23,736
Shares repurchased	(44,793)	(474,362)	(25,630)	(268,853)
Net Increase/(Decrease)	(28,207)	$ (307,364)	25,086	$ 262,070

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 6,223,984	$ 7,458,981	$ -	$ -


Janus Investment Fund	37

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

8. Other Matters

9. Subsequent Event


38	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Emerging Markets Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Emerging Markets Managed Volatility Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	39

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


40	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	43

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


44	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


46	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	47

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


48	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	49

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Economies of Scale


50	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	51

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


52	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	53

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


54	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	55

Janus Henderson Emerging Markets Managed Volatility Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2020:



Foreign Taxes Paid	$19,777
Foreign Source Income	$166,590
Qualified Dividend Income Percentage	59%


56	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


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Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant. Formerly, Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


58	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	59

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


60	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	61

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


62	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	63

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President and Head of North America at Janus Henderson Investors (since 2017), President and Head of North America at Janus Capital Management LLC (since 2013 and 2017, respectively), President at Janus Capital Group Inc. (since 2013), President and Director at Janus International Holding LLC (since 2019 and 2011, respectively), President at Janus Holdings LLC (since 2019), President and Director at Janus Management Holdings Corporation (since 2017 and 2012, respectively), Executive Vice President and Head of North America at Janus Distributors LLC (since 2011 and 2019, respectively), Vice President and Director at Intech Investment Management LLC (since 2012), and Executive Vice President at Perkins Investment Management LLC (since 2011). Formerly, Executive Vice President at Janus Capital Group Inc., Janus International Holding LLC, and Janus Management Holdings Corporation (2011-2019), Director at Perkins Investment Management LLC (2011-2019), and Chief Financial Officer at Janus Capital Group Inc. (2011-2013).


64	JUNE 30, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), and Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017-September 2017), and Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Officer, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	65

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93012 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Dividend & Income Builder Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Dividend & Income Builder Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	41
Additional Information	42
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson Dividend & Income Builder Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Dividend & Income Builder Fund is a global portfolio of income-producing securities. The Fund invests primarily in dividend-paying equities, with an allocation to fixed income securities. The equity and fixed income allocation is driven by assessment of the relative attractiveness of income opportunities within each asset class and views on the broader market environment. Within the equity allocation, we seek companies that pay an attractive and sustainable dividend yield with the capability to grow over the medium to long term. The fixed income allocation is used opportunistically in the 10% to 30% range as well as to seek to protect capital when the portfolio management team thinks the macroenvironment dictates it; this allows us to seek to reduce the beta further when appropriate.

Alex Crooke

co-portfolio manager

Job Curtis

co-portfolio mangers

Ben Lofthouse

co-portfolio manager

Jenna Barnard

co-portfolio manager

John Pattullo

co-portfolio manager

PERFORMANCE

The Janus Henderson Dividend & Income Builder Fund Class I Shares returned -2.68% over the 12-month period ended June 30, 2020. The Fund’s primary benchmark, the MSCI World Index^SM, returned 2.84%. The Fund’s secondary benchmark, the 75% MSCI World/25% Bloomberg Barclays Global Aggregate Credit (USD Hedged) Index, returned 4.10%. The secondary benchmark is an internally calculated, hypothetical combination of total returns from the MSCI World Index (75%) and the Bloomberg Barclays Global Aggregate Credit (USD Hedged) Index (25%).

INVESTMENT ENVIRONMENT

The period under review was defined by the COVID-19 pandemic; after an initial panic and liquidity crisis, both equity and fixed income markets performed strongly in the wake of stimulus injected across the globe. Dividend strategies, however, did not fare as well, despite the collapse in interest rates generating record demand for high-quality credit.

To some extent this has been the perfect crisis for technology and growth stocks, as it has played both to the fact that a number of these businesses – namely Microsoft and the “FAANG” stocks: Facebook, Amazon, Apple, Netflix and Google (now Alphabet) – benefit from social distancing and isolation. Without these stocks, the U.S. market outperformance would have been significantly less marked relative to the global market. It has also been the worst possible crisis for value stocks, which have higher exposure to structurally declining and cyclical sectors, including oil and financials.

This was a challenging period for income funds owing to increased dividend cancellations and cuts in response to the uncertain environment, liquidity concerns and negative public sentiment toward dividends in some countries.

PERFORMANCE DISCUSSION

Over the period we maintained a focus on companies with strong cash flow generation and solid balance sheets, which meant we were able to meet our high-income and growth-of-dividend objectives for the Fund despite the headwinds.

The Fund’s underweight position in information technology, combined with the underweight to communication technology services shares, was the largest detractor to relative performance as the sector gained on the view that companies will be large


Janus Investment Fund	1

Janus Henderson Dividend & Income Builder Fund (unaudited)

beneficiaries of the pandemic due to rising remote working and accelerating digital transformations. We maintain our underweight position, as these stocks tend to have a low dividend yield.

The Fund’s stock selection in utilities was a notable positive driver of relative performance during the period, with holdings proving resilient in both up and down markets due to their defensive characteristics in an uncertain environment. We added to the space over the period on the view that the valuations and dividend yields appear attractive in the low rate environment. We see scope for utilities companies to continue to improve their sourcing of energy to more renewable solutions over time. This is further supported by government stimulus in some regions being allocated directly toward clean energy initiatives.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Economic indicators are sinking, yet expectations have risen due to the immense amount of stimulus injected into the economy amid the shutdowns. Against this backdrop, the world is watching as the number of COVID19 cases picks up in various U.S. states, which is a stark reminder not only of how infectious this disease is but also that this virus is not disappearing in the heat, as some had hoped and expected.

There has been a sharp reversal in survey data to the downside, and the loans and central bank actions that are driving money into the system are an attempt to stabilize it. We have not changed the portfolio to reflect a more cyclical view, but we have retained exposure to some stocks in the financials and industrials sectors that will benefit if the cycle turns faster than expected.

As companies better grasp the impact of the pandemic on their businesses and adapt to changing business models, we are seeing signs of companies being more comfortable with distributing dividends. We see this as supportive for the Fund's income generation over the remainder of the year.

Thank you for your investment with us in the Janus Henderson Dividend & Income Builder Fund.


2	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

June 30, 2020





5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Taiwan Semiconductor Manufacturing Co Ltd (ADR)	2.29%	0.78%	Royal Dutch Shell PLC	1.59%	-1.00%
Microsoft Corp	4.62%	0.59%	Occidental Petroleum Corp	0.75%	-0.85%
Enel SpA	1.76%	0.45%	Sabre Corp	0.61%	-0.80%
Roche Holding AG	2.75%	0.45%	Pfizer Inc	2.81%	-0.56%
CyrusOne Inc	1.63%	0.44%	ING Groep NV	0.89%	-0.49%


	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World Index
		Contribution	Average Weight	Average Weight
	Other**	0.92%	3.20%	0.00%
	Utilities	0.89%	6.41%	3.50%
	Real Estate	0.82%	3.94%	3.25%
	Industrials	0.72%	7.14%	10.76%
	Financials	-0.10%	10.70%	14.79%


	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World Index
		Contribution	Average Weight	Average Weight
	Information Technology	-2.47%	13.77%	17.92%
	Energy	-1.70%	6.44%	4.49%
	Consumer Discretionary	-1.43%	3.19%	10.49%
	Consumer Staples	-1.31%	13.84%	8.60%
	Health Care	-1.27%	17.29%	13.28%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

June 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.8%
Cisco Systems Inc
Communications Equipment	2.3%
Nestle SA (REG)
Food Products	2.3%
Taiwan Semiconductor Manufacturing Co Ltd (ADR)
Semiconductor & Semiconductor Equipment	2.1%
GlaxoSmithKline PLC
Pharmaceuticals	2.1%
	12.6%


Asset Allocation - (% of Net Assets)
Common Stocks	73.5%
Corporate Bonds	21.0%
Preferred Stocks	2.5%
Investment Companies	1.9%
United States Treasury Notes/Bonds	0.7%
Rights	0.0%
Other		0.4%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of June 30, 2020

As of June 30, 2019


4	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-2.79%	3.42%	5.95%	1.33%	1.17%
Class A Shares at MOP	-8.39%	2.37%	5.26%
Class C Shares at NAV	-3.68%	2.61%	5.13%	2.08%	1.92%
Class C Shares at CDSC	-4.62%	2.61%	5.13%
Class D Shares⁽¹⁾	-2.66%	3.57%	6.09%	1.32%	1.02%
Class I Shares	-2.68%	3.66%	6.18%	1.07%	0.93%
Class N Shares	-2.56%	3.66%	6.14%	1.40%	0.85%
Class S Shares	-2.80%	3.34%	5.80%	7.33%	1.35%
Class T Shares	-2.80%	3.47%	5.98%	1.29%	1.10%
MSCI World Index	2.84%	6.90%	9.56%
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	4.10%	6.63%	8.40%
Morningstar Quartile - Class I Shares	3rd	2nd	1st
Morningstar Ranking - based on total returns for World Allocation Funds	282/488	164/410	60/372

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2019.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


Janus Investment Fund	5

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 1, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – August 1, 2012

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


6	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$909.20	$5.46	$1,000.00	$1,019.14	$5.77	1.15%
Class C Shares		$1,000.00	$904.80	$8.86	$1,000.00	$1,015.56	$9.37	1.87%
Class D Shares		$1,000.00	$909.80	$4.65	$1,000.00	$1,019.99	$4.92	0.98%
Class I Shares		$1,000.00	$909.40	$4.32	$1,000.00	$1,020.34	$4.57	0.91%
Class N Shares		$1,000.00	$910.60	$3.99	$1,000.00	$1,020.69	$4.22	0.84%
Class S Shares		$1,000.00	$908.40	$5.60	$1,000.00	$1,019.00	$5.92	1.18%
Class T Shares		$1,000.00	$909.40	$5.13	$1,000.00	$1,019.49	$5.42	1.08%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– 21.0%
Banking – 1.7%
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	$910,000	$993,993
	HBOS Capital Funding LP, 6.8500%^µ	100,000	101,090
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	412,000	464,015
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	1,000,000	1,107,229
			2,666,327
Capital Goods – 0.9%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	6.0000%, 2/15/25 (144A)	413,000	422,809
	Crown Americas LLC / Crown Americas Capital Corp IV, 4.5000%, 1/15/23	1,000,000	1,020,000
			1,442,809
Communications – 7.1%
	American Tower Corp, 3.8000%, 8/15/29	1,000,000	1,136,308
	AT&T Inc, 2.7500%, 6/1/31	1,000,000	1,034,485
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27 (144A)	500,000	521,725
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.2000%, 3/15/28	1,000,000	1,121,010
	Comcast Corp, 3.9500%, 10/15/25	283,000	324,303
	Crown Castle International Corp, 3.8000%, 2/15/28	1,000,000	1,123,787
	CSC Holdings LLC, 5.7500%, 1/15/30 (144A)	1,000,000	1,044,490
	Sirius XM Radio Inc, 5.5000%, 7/1/29 (144A)	1,000,000	1,057,770
	T-Mobile USA Inc, 4.5000%, 2/1/26	91,000	92,088
	T-Mobile USA Inc, 4.7500%, 2/1/28	57,000	60,194
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	925,000	1,030,977
	T-Mobile USA Inc, 4.3750%, 4/15/40 (144A)	227,000	262,575
	Vodafone Group PLC, 4.3750%, 5/30/28	1,000,000	1,189,072
	Ziggo BV, 4.8750%, 1/15/30 (144A)	1,000,000	1,005,420
			11,004,204
Consumer Cyclical – 0.7%
	Service Corp International/US, 8.0000%, 11/15/21	200,000	212,000
	Service Corp International/US, 5.1250%, 6/1/29	800,000	860,800
			1,072,800
Consumer Non-Cyclical – 7.1%
	Anheuser-Busch InBev Worldwide Inc, 4.7500%, 1/23/29	1,500,000	1,812,075
	Aramark Services Inc, 4.7500%, 6/1/26	291,000	280,088
	Constellation Brands Inc, 4.7500%, 11/15/24	381,000	436,947
	Constellation Brands Inc, 3.1500%, 8/1/29	600,000	643,224
	DH Europe Finance II Sarl, 3.2500%, 11/15/39	1,500,000	1,656,482
	Elanco Animal Health Inc, 5.6500%, 8/28/28^Ç	670,000	742,896
	HCA Inc, 5.2500%, 6/15/26	1,000,000	1,151,010
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	1,000,000	1,022,940
	Sysco Corp, 5.9500%, 4/1/30	1,000,000	1,253,071
	Tesco PLC, 6.1500%, 11/15/37 (144A)	1,500,000	1,892,510
			10,891,243
Insurance – 0.6%
	Prudential PLC, 5.2500%^µ	900,000	905,832
Real Estate Investment Trusts (REITs) – 1.1%
	Digital Realty Trust LP, 4.7500%, 10/1/25	450,000	519,192
	Digital Realty Trust LP, 3.6000%, 7/1/29	1,000,000	1,147,843
			1,667,035
Technology – 1.8%
	Apple Inc, 3.3500%, 2/9/27	500,000	567,014
	Microsoft Corp, 3.3000%, 2/6/27	500,000	571,623
	VMware Inc, 4.6500%, 5/15/27	1,100,000	1,216,551
	VMware Inc, 3.9000%, 8/21/27	353,000	373,936
			2,729,124
Total Corporate Bonds (cost $30,341,255)			32,379,374


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– 0.7%
	2.8750%, 10/31/23(cost $1,000,271)	$1,000,000	$1,089,102
Common Stocks– 73.5%
Auto Components – 1.2%
	Cie Generale des Etablissements Michelin SCA*	18,207	1,886,020
Banks – 2.2%
	BAWAG Group AG (144A)*	34,950	1,204,909
	ING Groep NV	166,876	1,159,163
	United Overseas Bank Ltd	75,900	1,104,318
			3,468,390
Beverages – 1.1%
	Coca-Cola Co	38,886	1,737,427
Capital Markets – 2.7%
	CITIC Securities Co Ltd	633,500	1,199,948
	St James's Place PLC	26,244	309,312
	UBS Group AG	224,614	2,581,170
			4,090,430
Chemicals – 1.2%
	BASF SE	23,170	1,294,631
	DuPont de Nemours Inc	10,988	583,792
			1,878,423
Communications Equipment – 2.3%
	Cisco Systems Inc	77,245	3,602,707
Construction Materials – 0.8%
	LafargeHolcim Ltd*	29,174	1,276,350
Containers & Packaging – 1.6%
	Amcor PLC	139,710	1,407,386
	SIG Combibloc Group AG*	66,685	1,078,037
			2,485,423
Diversified Telecommunication Services – 1.9%
	Sunrise Communications Group AG (144A)*	7,194	637,940
	Telenor ASA	77,237	1,125,712
	TELUS Corp	68,543	1,149,789
			2,913,441
Electric Utilities – 3.7%
	EDP - Energias de Portugal SA	282,051	1,345,020
	Enel SpA	256,722	2,211,520
	Iberdrola SA	187,359	2,169,878
			5,726,418
Electrical Equipment – 2.3%
	ABB Ltd	62,273	1,400,114
	Schneider Electric SE	18,864	2,091,234
			3,491,348
Entertainment – 0.7%
	Vivendi SA	39,472	1,011,629
Equity Real Estate Investment Trusts (REITs) – 2.4%
	Crown Castle International Corp	8,763	1,466,488
	CyrusOne Inc	15,321	1,114,603
	VICI Properties Inc	58,847	1,188,121
			3,769,212
Food & Staples Retailing – 2.6%
	Koninklijke Ahold Delhaize NV	67,783	1,845,666
	Tesco PLC	794,971	2,244,271
			4,089,937
Food Products – 4.5%
	Danone SA*	28,872	1,994,932
	Mondelez International Inc	28,072	1,435,321
	Nestle SA (REG)	32,099	3,547,079
			6,977,332


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Gas Utilities – 1.2%
	Snam SpA	364,922	$1,774,777
Health Care Equipment & Supplies – 1.6%
	Medtronic PLC	26,056	2,389,335
Insurance – 6.5%
	Allianz SE	10,040	2,047,725
	AXA SA*	73,883	1,541,744
	Manulife Financial Corp	92,401	1,257,291
	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	5,401	1,401,579
	Swiss Re AG	14,479	1,114,921
	Travelers Cos Inc	12,097	1,379,663
	Zurich Insurance Group AG	3,616	1,273,774
			10,016,697
Machinery – 0.7%
	Metso OYJ*	33,826	1,106,858
Metals & Mining – 1.3%
	BHP Group PLC	36,610	751,467
	Rio Tinto PLC	21,496	1,209,380
			1,960,847
Multi-Utilities – 4.1%
	Dominion Energy Inc	16,362	1,328,267
	DTE Energy Co	12,266	1,318,595
	E.ON SE	122,430	1,376,336
	National Grid PLC	98,598	1,207,155
	RWE AG	33,168	1,160,248
			6,390,601
Oil, Gas & Consumable Fuels – 2.3%
	Repsol SA	95,101	829,918
	Royal Dutch Shell PLC	85,537	1,380,841
	TOTAL SA	36,580	1,393,202
			3,603,961
Personal Products – 1.6%
	Unilever NV	45,850	2,431,469
Pharmaceuticals – 11.6%
	Bristol-Myers Squibb Co	40,195	2,363,466
	GlaxoSmithKline PLC	158,382	3,208,598
	Johnson & Johnson	8,300	1,167,229
	Merck & Co Inc	17,410	1,346,315
	Novartis AG	36,514	3,173,563
	Pfizer Inc	47,821	1,563,747
	Roche Holding AG	6,716	2,325,905
	Sanofi	26,811	2,727,498
			17,876,321
Professional Services – 2.5%
	RELX PLC	116,861	2,700,798
	SGS SA	498	1,215,498
			3,916,296
Semiconductor & Semiconductor Equipment – 3.0%
	Maxim Integrated Products Inc	23,941	1,451,064
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	56,670	3,217,156
			4,668,220
Software – 3.8%
	Microsoft Corp	28,481	5,796,168
Tobacco – 0.8%
	Imperial Brands PLC	66,809	1,272,044
Wireless Telecommunication Services – 1.3%
	Tele2 AB	97,708	1,294,566


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Wireless Telecommunication Services – (continued)
	Vodafone Group PLC	489,453	$780,334
			2,074,900
Total Common Stocks (cost $107,421,000)			113,682,981
Preferred Stocks– 2.5%
Household Products – 0.8%
	Henkel AG & Co KGaA	13,017	1,210,027
Technology Hardware, Storage & Peripherals – 1.7%
	Samsung Electronics Co Ltd	67,105	2,620,706
Total Preferred Stocks (cost $3,396,777)			3,830,733
Rights– 0%
Oil, Gas & Consumable Fuels – 0%
	Repsol SA*(cost $52,933)	95,101	46,293
Investment Companies– 1.9%
Money Markets – 1.9%
	Fidelity Investments Money Market Treasury Portfolio, 0.0800%^ºº(cost $2,891,195)	2,891,195	2,891,195
Total Investments (total cost $145,103,431) – 99.6%			153,919,678
Cash, Receivables and Other Assets, net of Liabilities – 0.4%			687,892
Net Assets – 100%			$154,607,570


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$59,105,320	38.4	%
Switzerland	19,624,351	12.7
United Kingdom	19,017,143	12.4
France	12,646,259	8.2
Netherlands	9,142,516	5.9
Germany	8,490,546	5.5
Italy	3,986,297	2.6
Taiwan	3,217,156	2.1
Spain	3,046,089	2.0
South Korea	2,620,706	1.7
Canada	2,407,080	1.6
Belgium	1,812,075	1.2
Portugal	1,345,020	0.9
Sweden	1,294,566	0.8
Austria	1,204,909	0.8
China	1,199,948	0.8
Norway	1,125,712	0.7
Finland	1,106,858	0.7
Singapore	1,104,318	0.7
Ireland	422,809	0.3



Total	$153,919,678	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	7/29/20	(5,277,849)	$	6,602,433	$	62,866
Euro	7/29/20	(7,099,267)		7,992,507		11,959
Total					$	74,825

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2020

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$ 74,825

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$273,327



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$233,851

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 14,551,898

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index is an internally-calculated, hypothetical combination of total returns from the MSCI World Index^SM (75%) and the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) (25%).


ADR	American Depositary Receipt
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of June 30, 2020.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


Janus Investment Fund	13

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Corporate Bonds		$	-	$	32,379,374	$	-
United States Treasury Notes/Bonds			-		1,089,102		-
Common Stocks
Beverages			1,737,427		-		-
Chemicals			583,792		1,294,631		-
Communications Equipment			3,602,707		-		-
Diversified Telecommunication Services			1,149,789		1,763,652		-
Equity Real Estate Investment Trusts (REITs)			3,769,212		-		-
Food Products			1,435,321		5,542,011		-
Health Care Equipment & Supplies			2,389,335		-		-
Insurance			2,636,954		7,379,743		-
Multi-Utilities			2,646,862		3,743,739		-
Pharmaceuticals			6,440,757		11,435,564		-
Semiconductor & Semiconductor Equipment			4,668,220		-		-
Software			5,796,168		-		-
All Other			-		45,667,097		-
Preferred Stocks			-		3,830,733		-
Rights			46,293		-		-
Investment Companies			2,891,195		-		-
Total Investments in Securities		$	39,794,032	$	114,125,646	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		74,825		-
Total Assets		$	39,794,032	$	114,200,471	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


14	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	153,919,678
	Forward foreign currency exchange contracts			74,825
	Cash denominated in foreign currency⁽²⁾			58,079
	Non-interested Trustees' deferred compensation			3,154
	Receivables:
		Foreign tax reclaims		500,892
		Dividends		346,624
		Interest		340,081
		Fund shares sold		193,936
	Other assets			10,608
Total Assets				155,447,877
Liabilities:
	Due to custodian			56
	Payables:			—
		Fund shares repurchased		592,992
		Advisory fees		67,296
		Professional fees		47,366
		Dividends		30,424
		Transfer agent fees and expenses		23,191
		12b-1 Distribution and shareholder servicing fees		22,987
		Non-affiliated fund administration fees payable		18,088
		Non-interested Trustees' deferred compensation fees		3,154
		Custodian fees		2,974
		Non-interested Trustees' fees and expenses		837
		Affiliated fund administration fees payable		320
		Accrued expenses and other payables		30,622
Total Liabilities				840,307
Net Assets			$	154,607,570


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	155,225,747
	Total distributable earnings (loss)		(618,177)
Total Net Assets		$	154,607,570
Net Assets - Class A Shares		$	25,517,405
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,072,833
Net Asset Value Per Share⁽³⁾		$	12.31
Maximum Offering Price Per Share⁽⁴⁾		$	13.06
Net Assets - Class C Shares		$	21,018,104
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,740,979
Net Asset Value Per Share⁽³⁾		$	12.07
Net Assets - Class D Shares		$	6,860,741
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		557,506
Net Asset Value Per Share		$	12.31
Net Assets - Class I Shares		$	74,386,236
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,035,818
Net Asset Value Per Share		$	12.32
Net Assets - Class N Shares		$	476,939
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		38,785
Net Asset Value Per Share		$	12.30
Net Assets - Class S Shares		$	51,776
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,219
Net Asset Value Per Share		$	12.27
Net Assets - Class T Shares		$	26,296,369
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,139,708
Net Asset Value Per Share		$	12.29

(1) Includes cost of $145,103,431.

(2) Includes cost of $58,079.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

16	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Statement of Operations

For the year ended June 30, 2020



Investment Income:
	Dividends		$	6,007,147
	Interest			1,209,662
	Other income			61,552
	Foreign tax withheld			(477,157)
Total Investment Income				6,801,204
Expenses:
	Advisory fees			1,242,243
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		77,232
		Class C Shares		252,562
		Class S Shares		44
	Transfer agent administrative fees and expenses:
		Class D Shares		8,366
		Class S Shares		132
		Class T Shares		48,694
	Transfer agent networking and omnibus fees:
		Class A Shares		18,119
		Class C Shares		15,125
		Class I Shares		54,977
	Other transfer agent fees and expenses:
		Class A Shares		2,556
		Class C Shares		2,241
		Class D Shares		2,039
		Class I Shares		3,819
		Class N Shares		21
		Class S Shares		3
		Class T Shares		297
	Registration fees			130,384
	Professional fees			53,974
	Shareholder reports expense			35,055
	Custodian fees			16,212
	Affiliated fund administration fees			4,140
	Non-interested Trustees’ fees and expenses			3,541
	Other expenses			77,362
Total Expenses				2,049,138
Less: Excess Expense Reimbursement and Waivers				(168,405)
Net Expenses				1,880,733
Net Investment Income/(Loss)				4,920,471
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(8,215,084)
	Forward foreign currency exchange contracts			273,327
Total Net Realized Gain/(Loss) on Investments				(7,941,757)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(2,997,306)
	Forward foreign currency exchange contracts			233,851
Total Change in Unrealized Net Appreciation/Depreciation				(2,763,455)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(5,784,741)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Dividend & Income Builder Fund

Statements of Changes in Net Assets



			Year ended June 30, 2020		Year ended June 30, 2019

Operations:
	Net investment income/(loss)		$	4,920,471	$	5,678,451
	Net realized gain/(loss) on investments			(7,941,757)		(2,213,550)
	Change in unrealized net appreciation/depreciation			(2,763,455)		2,178,276
Net Increase/(Decrease) in Net Assets Resulting from Operations				(5,784,741)		5,643,177
Dividends and Distributions to Shareholders:
		Class A Shares		(964,075)		(1,122,766)
		Class C Shares		(694,241)		(981,085)
		Class D Shares		(237,438)		(282,822)
		Class I Shares		(2,780,006)		(3,864,882)
		Class N Shares		(18,149)		(28,404)
		Class S Shares		(1,788)		(2,044)
		Class T Shares		(691,006)		(462,490)
Net Decrease from Dividends and Distributions to Shareholders				(5,386,703)		(6,744,493)
Capital Share Transactions:
		Class A Shares		(4,071,478)		2,727,605
		Class C Shares		(7,631,457)		1,102,874
		Class D Shares		462,340		(1,093,143)
		Class I Shares		(8,528,730)		(10,997,621)
		Class N Shares		(80,830)		(248,434)
		Class S Shares		1,788		2,044
		Class T Shares		11,466,641		5,711,527
Net Increase/(Decrease) from Capital Share Transactions				(8,381,726)		(2,795,148)
Net Increase/(Decrease) in Net Assets				(19,553,170)		(3,896,464)
Net Assets:
	Beginning of period			174,160,740		178,057,204
	End of period		$	154,607,570	$	174,160,740


See Notes to Financial Statements.

18	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.09	$13.18	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.36	0.42	0.36	0.38
		Net realized and unrealized gain/(loss)	(0.72)	(0.03)	0.24	0.75
	Total from Investment Operations		(0.36)	0.39	0.60	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.42)	(0.37)	(0.36)	(0.35)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.42)	(0.48)	(0.36)	(0.35)
	Net Asset Value, End of Period		$12.31	$13.09	$13.18	$12.94
	Total Return*		(2.79)%	3.14%	4.63%	9.44%
	Net Assets, End of Period (in thousands)		$25,517	$32,262	$29,294	$25,824
	Average Net Assets for the Period (in thousands)		$30,893	$30,675	$27,827	$29,932
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%	1.32%	1.14%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.17%	1.14%	1.23%
		Ratio of Net Investment Income/(Loss)	2.83%	3.23%	2.71%	3.36%
	Portfolio Turnover Rate		59%	44%	36%	55%


Class C Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.89	$13.01	$12.81	$12.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.27	0.31	0.25	0.30
		Net realized and unrealized gain/(loss)	(0.74)	(0.01)	0.24	0.73
	Total from Investment Operations		(0.47)	0.30	0.49	1.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.31)	(0.29)	(0.27)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.35)	(0.42)	(0.29)	(0.27)
	Net Asset Value, End of Period		$12.07	$12.89	$13.01	$12.81
	Total Return*		(3.68)%	2.41%	3.85%	8.62%
	Net Assets, End of Period (in thousands)		$21,018	$30,356	$29,203	$30,671
	Average Net Assets for the Period (in thousands)		$25,897	$30,095	$31,115	$32,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.98%	2.06%	1.91%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.89%	1.91%	1.91%	2.01%
		Ratio of Net Investment Income/(Loss)	2.15%	2.48%	1.85%	2.68%
	Portfolio Turnover Rate		59%	44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.50	$12.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.35
		Net realized and unrealized gain/(loss)	(0.40)	0.11
	Total from Investment Operations		—	0.46
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.33)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.34)	(0.53)
	Net Asset Value, End of Period		$12.16	$12.50
	Total Return*		0.19%	3.81%
	Net Assets, End of Period (in thousands)		$40,869	$15,959
	Average Net Assets for the Period (in thousands)		$30,357	$15,010
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%⁽²⁾	1.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%⁽³⁾	1.30%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	2.84%
	Portfolio Turnover Rate		39%	26%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.40	$12.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.30	0.26
		Net realized and unrealized gain/(loss)	(0.39)	0.10
	Total from Investment Operations		(0.09)	0.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.26)	(0.45)
	Net Asset Value, End of Period		$12.05	$12.40
	Total Return*		(0.58)%	3.00%
	Net Assets, End of Period (in thousands)		$33,327	$13,846
	Average Net Assets for the Period (in thousands)		$24,477	$10,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%⁽²⁾	2.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.03%⁽³⁾	2.05%
		Ratio of Net Investment Income/(Loss)	2.55%⁽⁴⁾	2.15%
	Portfolio Turnover Rate		39%	26%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(3) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

20	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.09	$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.41	0.42	0.46	0.04
		Net realized and unrealized gain/(loss)	(0.75)	—⁽³⁾	0.16	(0.17)
	Total from Investment Operations		(0.34)	0.42	0.62	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.44)	(0.39)	(0.38)	(0.12)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.44)	(0.50)	(0.38)	(0.12)
	Net Asset Value, End of Period		$12.31	$13.09	$13.17	$12.93
	Total Return*		(2.66)%	3.34%	4.77%	(0.96)%
	Net Assets, End of Period (in thousands)		$6,861	$6,889	$8,072	$472
	Average Net Assets for the Period (in thousands)		$7,041	$7,362	$4,665	$343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	1.31%	1.02%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	1.01%	0.99%	1.05%
		Ratio of Net Investment Income/(Loss)	3.20%	3.26%	3.47%	4.27%
	Portfolio Turnover Rate		59%	44%	36%	55%


Class I Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$13.11	$13.19	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.41	0.43	0.40	0.45
		Net realized and unrealized gain/(loss)	(0.76)	—⁽³⁾	0.23	0.71
	Total from Investment Operations		(0.35)	0.43	0.63	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.44)	(0.40)	(0.38)	(0.38)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.44)	(0.51)	(0.38)	(0.38)
	Net Asset Value, End of Period		$12.32	$13.11	$13.19	$12.94
	Total Return*		(2.68)%	3.41%	4.86%	9.70%
	Net Assets, End of Period (in thousands)		$74,386	$88,458	$100,825	$78,630
	Average Net Assets for the Period (in thousands)		$81,753	$97,766	$92,797	$66,190
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.00%	1.06%	0.91%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.92%	0.91%	1.00%
		Ratio of Net Investment Income/(Loss)	3.19%	3.35%	2.94%	3.97%
	Portfolio Turnover Rate		59%	44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis.

(4) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.49	$12.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.39
		Net realized and unrealized gain/(loss)	(0.37)	0.09
	Total from Investment Operations		0.03	0.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.36)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.36)	(0.56)
	Net Asset Value, End of Period		$12.16	$12.49
	Total Return*		0.48%	3.97%
	Net Assets, End of Period (in thousands)		$46,454	$24,356
	Average Net Assets for the Period (in thousands)		$36,087	$14,987
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.24%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽³⁾	1.05%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	3.13%
	Portfolio Turnover Rate		39%	26%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.08	$13.16	$12.91	$12.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.41	0.42	0.45	0.40
		Net realized and unrealized gain/(loss)	(0.74)	0.01⁽³⁾	0.19	0.73
	Total from Investment Operations		(0.33)	0.43	0.64	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.45)	(0.40)	(0.39)	(0.39)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.45)	(0.51)	(0.39)	(0.39)
	Net Asset Value, End of Period		$12.30	$13.08	$13.16	$12.91
	Total Return*		(2.56)%	3.48%	4.94%	9.44%
	Net Assets, End of Period (in thousands)		$477	$590	$857	$50
	Average Net Assets for the Period (in thousands)		$518	$723	$557	$281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%	1.39%	0.99%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.85%	0.86%	1.06%
		Ratio of Net Investment Income/(Loss)	3.22%	3.28%	3.40%	3.58%
	Portfolio Turnover Rate		59%	44%	36%	55%


Class S Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$13.06	$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.39	0.43	0.34	0.03
		Net realized and unrealized gain/(loss)	(0.75)	(0.02)	0.25	(0.16)
	Total from Investment Operations		(0.36)	0.41	0.59	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.43)	(0.41)	(0.35)	(0.12)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.43)	(0.52)	(0.35)	(0.12)
	Net Asset Value, End of Period		$12.27	$13.06	$13.17	$12.93
	Total Return*		(2.80)%	3.28%	4.52%	(0.97)%
	Net Assets, End of Period (in thousands)		$52	$53	$52	$49
	Average Net Assets for the Period (in thousands)		$53	$51	$52	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.96%	7.11%	2.77%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.04%	1.21%	1.44%
		Ratio of Net Investment Income/(Loss)	3.04%	3.32%	2.56%	3.22%
	Portfolio Turnover Rate		59%	44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

(4) Period from June 5, 2017 (inception date) through June 30, 2017.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$11.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.28
		Net realized and unrealized gain/(loss)	0.17
	Total from Investment Operations		0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)
	Total Dividends and Distributions		(0.23)
	Net Asset Value, End of Period		$12.17
	Total Return*		3.93%
	Net Assets, End of Period (in thousands)		$403
	Average Net Assets for the Period (in thousands)		$406
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	3.51%⁽⁵⁾
	Portfolio Turnover Rate		39%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(4) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(5) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

24	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$13.08	$13.16	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.41	0.43	0.49	0.03
		Net realized and unrealized gain/(loss)	(0.77)	(0.02)	0.11	(0.16)
	Total from Investment Operations		(0.36)	0.41	0.60	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.43)	(0.38)	(0.37)	(0.12)
		Distributions (from capital gains)	—	(0.11)	—	—
	Total Dividends and Distributions		(0.43)	(0.49)	(0.37)	(0.12)
	Net Asset Value, End of Period		$12.29	$13.08	$13.16	$12.93
	Total Return*		(2.80)%	3.29%	4.66%	(0.96)%
	Net Assets, End of Period (in thousands)		$26,296	$15,553	$9,755	$59
	Average Net Assets for the Period (in thousands)		$19,478	$11,844	$3,644	$52
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.21%	1.28%	1.13%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.10%	1.11%	1.19%
		Ratio of Net Investment Income/(Loss)	3.29%	3.36%	3.75%	3.48%
	Portfolio Turnover Rate		59%	44%	36%	55%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Dividend & Income Builder Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income from a portfolio of securities that exceeds the average yield on global stocks, and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


26	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


Janus Investment Fund	27

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses


28	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Dividends are declared and distributed quarterly for the fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund’s equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	29

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.


30	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital's ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	31

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

Counterparties

Offsetting Assets and Liabilities


32	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	74,825	$	—	$	—	$	74,825

(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Real Estate Investing

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.


Janus Investment Fund	33

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Portfolio	Contractual Investment Advisory Fee (%)
First $1 Billion	0.75
Next $1 Billion	0.65
Above $2 Billion	0.55

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.


34	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	35

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

As of June 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-*	%	-*	%
Class C Shares		-*		-*
Class D Shares		1		-*
Class I Shares		-*		-*
Class N Shares		11		-*
Class S Shares		100		-*
Class T Shares		-*		-*

*	Less than 0.50%

5. Federal Income Tax


36	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 798,850	$ -	$ (10,191,235)	$ -	$ -	$ 4,995	$ 8,769,213



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(6,323,057)	$(3,868,178)	$ (10,191,235)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 145,150,466	$17,923,257	$ (9,154,044)	$ 8,769,213

Information on the tax components of derivatives as of June 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 74,825	$ -	$ -	$ -

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


Janus Investment Fund	37

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 5,386,703	$ -	$ -	$ -


For the year ended June 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 6,063,019	$ 681,474	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 44,224	$ (90,587)	$ 46,363


38	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2020		Year ended June 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,212,362	$16,388,488	1,022,495	$ 12,663,708
Reinvested dividends and distributions	74,405	942,035	86,181	1,092,546
Shares repurchased	(1,677,990)	(21,402,001)	(867,473)	(11,028,649)
Net Increase/(Decrease)	(391,223)	$ (4,071,478)	241,203	$ 2,727,605
Class C Shares:
Shares sold	901,902	$11,971,138	1,204,757	$ 14,674,503
Reinvested dividends and distributions	51,039	633,948	72,247	899,454
Shares repurchased	(1,567,113)	(20,236,543)	(1,166,761)	(14,471,083)
Net Increase/(Decrease)	(614,172)	$ (7,631,457)	110,243	$ 1,102,874
Class D Shares:
Shares sold	224,243	$ 2,855,505	139,077	$ 1,786,045
Reinvested dividends and distributions	18,312	230,298	21,661	274,254
Shares repurchased	(211,158)	(2,623,463)	(247,325)	(3,153,442)
Net Increase/(Decrease)	31,397	$ 462,340	(86,587)	$ (1,093,143)
Class I Shares:
Shares sold	1,930,455	$23,922,407	3,271,613	$ 41,374,220
Reinvested dividends and distributions	218,900	2,764,158	304,325	3,847,392
Shares repurchased	(2,861,358)	(35,215,295)	(4,474,454)	(56,219,233)
Net Increase/(Decrease)	(712,003)	$ (8,528,730)	(898,516)	$(10,997,621)
Class N Shares:
Shares sold	5,188	$ 64,840	6,842	$ 88,436
Reinvested dividends and distributions	1,438	18,149	2,249	28,404
Shares repurchased	(12,953)	(163,819)	(29,135)	(365,274)
Net Increase/(Decrease)	(6,327)	$ (80,830)	(20,044)	$ (248,434)
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	141	1,788	162	2,044
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	141	$ 1,788	162	$ 2,044
Class T Shares:
Shares sold	1,136,498	$13,784,389	840,389	$ 10,797,977
Reinvested dividends and distributions	55,195	689,868	36,437	461,288
Shares repurchased	(240,981)	(3,007,616)	(428,900)	(5,547,738)
Net Increase/(Decrease)	950,712	$11,466,641	447,926	$ 5,711,527

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$95,592,312	$ 99,149,896	$ -	$ 1,579,121

8. Recent Accounting Pronouncements


Janus Investment Fund	39

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

amortization period for certain purchased callable debt securities held at a premium. The guidance requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. Management has adopted the amendments as of the beginning of this fiscal period.

9. Other Matters

10. Subsequent Event


40	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Dividend & Income Builder Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Dividend & Income Builder Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	41

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


42	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	45

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


46	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


48	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	49

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


50	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	51

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Economies of Scale


52	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	53

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


54	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	55

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


56	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	57

Janus Henderson Dividend & Income Builder Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2020:



Foreign Taxes Paid	$470,477
Foreign Source Income	$3,555,284
Dividends Received Deduction Percentage	24%
Qualified Dividend Income Percentage	100%


58	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	59

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant. Formerly, Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


60	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	61

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


62	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019) and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	63

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


64	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	65

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Alex Crooke 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present		Co-Head of Equities - EMEA and Asia Pacific of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Head of Global Equity Income and Specialist Equities (2013-2018).
Job Curtis 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present		Director of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Ben Lofthouse 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	11/14-Present		Head of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Jenna Barnard 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present		Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
John Pattullo 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	8/12-Present		Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.


66	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present		Executive Vice President and Head of North America at Janus Henderson Investors (since 2017), President and Head of North America at Janus Capital Management LLC (since 2013 and 2017, respectively), President at Janus Capital Group Inc. (since 2013), President and Director at Janus International Holding LLC (since 2019 and 2011, respectively), President at Janus Holdings LLC (since 2019), President and Director at Janus Management Holdings Corporation (since 2017 and 2012, respectively), Executive Vice President and Head of North America at Janus Distributors LLC (since 2011 and 2019, respectively), Vice President and Director at Intech Investment Management LLC (since 2012), and Executive Vice President at Perkins Investment Management LLC (since 2011). Formerly, Executive Vice President at Janus Capital Group Inc., Janus International Holding LLC, and Janus Management Holdings Corporation (2011-2019), Director at Perkins Investment Management LLC (2011-2019), and Chief Financial Officer at Janus Capital Group Inc. (2011-2013).


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Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present		Chief Compliance Officer for Janus Capital Management LLC (since September 2017), and Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017-September 2017), and Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present		Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Officer, and Secretary	8/20-Present		Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


68	JUNE 30, 2020

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage1


Janus Investment Fund	69

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93075 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Flexible Bond Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Flexible Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	22
Statement of Assets and Liabilities	24
Statement of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	33
Report of Independent Registered Public Accounting Firm	51
Additional Information	52
Useful Information About Your Fund Report	65
Trustees and Officers	68

Janus Henderson Flexible Bond Fund (unaudited)

FUND SNAPSHOT

We believe our research-driven investment process, diversified portfolio construction and robust risk management can drive consistent risk-adjusted performance, with excess returns generated primarily through sector and security decisions. Our collaborative investment teams utilize our broad investment flexibility across the investment cycle in an effort to capitalize on attractive opportunities and provide the downside risk management clients expect from their core fixed income portfolio.

Greg Wilensky

co-portfolio manager

Michael Keough

co-portfolio manager

PERFORMANCE SUMMARY

During the one-year period ended June 30, 2020, Janus Henderson Flexible Bond Fund’s Class I Shares returned 10.31% compared with 8.74% for the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

MARKET ENVIRONMENT

In the first half of the period, fixed income markets broadly became more confident of a soft landing for the U.S. economy as the Federal Reserve (Fed) lowered policy rates three times in the latter half of 2019. Generally better-than-expected earnings reports and progress in U.S.-China trade relations also contributed to corporate credit spreads (yields over Treasuries) tightening toward the lowest levels of the current credit cycle. However, in early 2020, the exogenous shock of the COVID-19 coronavirus ushered in a period of severe economic uncertainty as governments around the world restricted travel and social activity to help contain the virus. Risk markets faced a sell-off of historic proportions. Contributing to the malaise was a collapse in oil prices when the virus-related drop in demand was met by a flood of supply after OPEC and Russia failed to agree on production cutbacks.

Across the globe, central bank and government stimulus action was swift and aggressive. The Fed cut policy rates to zero and introduced numerous programs to support bond market liquidity while Congress approved trillions of dollars in crisis support to consumers and businesses. These actions supported financial markets and corporations and contributed to a rapid improvement in liquidity conditions. The staggering levels of monetary and fiscal stimulus, coupled with optimism on reopening the U.S. economy, bolstered investor confidence later in the period, although volatility remained high.

Over the year, rates fell across the yield curve, with the benchmark 10-year Treasury yield closing June at 0.66%, down from 2.01%. Corporate and securitized credit were volatile, with heightened risk of downgrades and defaults causing spreads over Treasuries to widen dramatically intra-period. Fed support helped credit retrace most of its losses, and investment-grade corporate bonds ultimately generated positive returns, while their high-yield counterparts were roughly flat.

PERFORMANCE DISCUSSION

The Fund was positioned overweight credit early in the period, as we believed an accommodative Fed and strong consumer created a supportive environment for credit products generally. Coming into 2020, we began reducing risk due to the strong returns of 2019 and heightened valuations. As the COVID-19 health care crisis accelerated through mid-March, we sought to preserve capital and increase liquidity by lowering the credit allocations further, while increasing Fund duration (a measure of interest rate risk) with the purchase of 30-year Treasuries to provide a hedge against spread widening in our credit positions. As we gained confidence in the backstop from monetary and fiscal stimulus and the increased potential for an economic recovery, we added approximately 20% to the portfolio’s corporate credit allocation from its March low. These additions were primarily in the investment-grade space but also, and more selectively, in the high-yield market. To accommodate that increase, we moved further underweight in agency mortgage-backed securities (MBS) and U.S. Treasuries.

Investment-grade corporate bonds ultimately generated strong returns, driven in large part by the Fed’s bond-buying programs. Our overweight coupled with strong security selection contributed positively to relative outperformance. Overall positioning in agency MBS and


Janus Investment Fund	1

Janus Henderson Flexible Bond Fund (unaudited)

our decision to trim exposure to the asset class in the latter half of the period also proved beneficial as agency MBS lagged many other index constituents over the period. Positioning within asset-backed securities (ABS), much of which was tied to the strength of the consumer heading into the COVID-19 crisis, weighed on relative returns.

At the sector level, positioning in food and beverage contributed to relative performance. Food services company Sysco was the top contributor at the issuer level, performing well after an attractive new issue was launched in March. However, our overweight in midstream energy weighed on results amid highly volatile oil prices. A position in exploration and production company Continental Resources also detracted as its credit ratings were downgraded, reflecting reduced profitability and cash flows.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We believe the continued support from both the Fed and fiscal authorities will benefit consumers, corporations and market conditions. With this support, we expect the U.S. economy to bounce back from lockdown levels over the next few quarters but know it will take years before the economy fully recovers.

While there has been a rapid deterioration in corporate fundamentals, we believe we are entering a new phase of the credit cycle where balance sheet repair will be a top priority for management teams and ultimately lead to lower credit risk premiums. We expect corporate bonds and structured securities, including ABS and commercial mortgage-backed securities (CMBS), to remain in demand, driven by the additional yield available over very low policy rates – which will likely persist for the foreseeable future – and thus more attractive hedging costs for non-U.S. investors.

We continue to favor investment-grade over high-yield companies but remain focused on valuations and diligent in identifying attractive risk-adjusted opportunities across the ratings spectrum. In structured securities, we believe the Fed’s aggressive actions should support liquidity and underlying fundamentals but are biased to higher-quality credits within ABS, CMBS and collateralized mortgage obligations. We will continue to favor sectors and securities where we believe the structures can withstand the elevated economic uncertainty.

Although market sentiment and credit spreads have improved markedly, valuations ended the period closer to longer-term averages and thus still have room to tighten before reaching pre-COVID-19 levels. In our view, this creates an opportunity for attractive returns in fixed income in the year ahead. But we do not expect volatility to fade. COVID-19 and its economic impact remain the most pressing concern, and other risks to market sentiment are also on our radar: a resumption of trade tensions with China and the upcoming U.S. elections to name two. As we navigate these uncertainties, we will continue to adhere to our research-driven investment process with a focus on taking the right amount of risk throughout the cycle.

Thank you for your investment in Janus Henderson Flexible Bond Fund.


2	JUNE 30, 2020

Janus Henderson Flexible Bond Fund (unaudited)

Fund At A Glance

June 30, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	1.48%	1.48%
Class A Shares MOP	1.41%	1.41%
Class C Shares**	0.82%	0.82%
Class D Shares	1.73%	1.73%
Class I Shares	1.80%	1.80%
Class N Shares	1.87%	1.87%
Class R Shares	1.12%	1.12%
Class S Shares	1.36%	1.37%
Class T Shares	1.62%	1.62%
Weighted Average Maturity		8.6 Years
Average Effective Duration***		6.4 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	2.0%
AA	28.9%
A	12.0%
BBB	40.2%
BB	6.1%
B	1.4%
Not Rated	8.3%
Other	1.1%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	55.4%
Mortgage-Backed Securities	19.5%
Asset-Backed/Commercial Mortgage-Backed Securities	13.9%
United States Treasury Notes/Bonds	9.0%
Investment Companies	6.1%
Bank Loans and Mezzanine Loans	0.4%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Other		(4.4)%
		100.0%


Janus Investment Fund	3

Janus Henderson Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended June 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	9.90%	3.89%	4.06%	6.54%	1.01%	0.91%
Class A Shares at MOP	4.66%	2.89%	3.56%	6.38%
Class C Shares at NAV	9.23%	3.23%	3.34%	5.85%	1.54%	1.54%
Class C Shares at CDSC	8.23%	3.23%	3.34%	5.85%
Class D Shares⁽¹⁾	10.22%	4.19%	4.29%	6.62%	0.61%	0.59%
Class I Shares	10.31%	4.24%	4.34%	6.64%	0.52%	0.52%
Class N Shares	10.49%	4.35%	4.40%	6.65%	0.45%	0.45%
Class R Shares	9.56%	3.55%	3.68%	6.15%	1.22%	1.20%
Class S Shares	9.83%	3.81%	3.93%	6.40%	0.96%	0.95%
Class T Shares	10.12%	4.10%	4.20%	6.59%	0.70%	0.70%
Bloomberg Barclays U.S. Aggregate Bond Index	8.74%	4.30%	3.82%	6.32%^**
Morningstar Quartile - Class T Shares	1st	3rd	2nd	1st
Morningstar Ranking - based on total returns for Intermediate Core - Plus Bond Funds	32/616	259/530	226/468	24/101

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2019.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


4	JUNE 30, 2020

Janus Henderson Flexible Bond Fund (unaudited)

Performance

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective on or about February 1, 2020, Michael Keough and Greg Wilensky are Co-Portfolio Managers of the Fund.

*The Fund’s inception date – July 7, 1987

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

** The Bloomberg Barclays U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.

(1) Closed to certain new investors during the reporting period. Effective July 6, 2020, Class D Shares are open to new investors.


Janus Investment Fund	5

Janus Henderson Flexible Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Beginning Account Value (1/1/20)	Ending Account Value (6/30/20)	Expenses Paid During Period (1/1/20 - 6/30/20)†	Net Annualized Expense Ratio (1/1/20 - 6/30/20)
Class A Shares		$1,000.00	$1,067.30	$4.47	$1,000.00	$1,020.54	$4.37	0.87%
Class C Shares		$1,000.00	$1,064.00	$7.65	$1,000.00	$1,017.45	$7.47	1.49%
Class D Shares		$1,000.00	$1,068.80	$2.98	$1,000.00	$1,021.98	$2.92	0.58%
Class I Shares		$1,000.00	$1,069.20	$2.62	$1,000.00	$1,022.33	$2.56	0.51%
Class N Shares		$1,000.00	$1,070.60	$2.21	$1,000.00	$1,022.73	$2.16	0.43%
Class R Shares		$1,000.00	$1,065.60	$6.11	$1,000.00	$1,018.95	$5.97	1.19%
Class S Shares		$1,000.00	$1,066.90	$4.83	$1,000.00	$1,020.19	$4.72	0.94%
Class T Shares		$1,000.00	$1,068.30	$3.50	$1,000.00	$1,021.48	$3.42	0.68%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 13.9%
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 12 Month + 0.7600%, 3.6740%, 7/27/48 (144A)^‡	$969,773	$987,004
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)^‡	3,694,159	3,734,577
	Angel Oak Mortgage Trust I LLC 2019-6,
	ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)^‡	3,569,655	3,614,361
	Angel Oak Mortgage Trust I LLC 2020-3, 2.4100%, 4/25/65 (144A)^‡	5,182,000	5,181,947
	Angel Oak Mortgage Trust I LLC2020-2,
	ICE LIBOR USD 12 Month + 2.2000%, 2.5310%, 1/26/65 (144A)^‡	5,678,251	5,714,497
	Applebee's Funding LLC / IHOP Funding LLC, 4.1940%, 6/7/49 (144A)	7,513,000	6,594,272
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 12 Month + 0.8500%, 3.7630%, 4/25/48 (144A)^‡	4,041,176	4,148,072
	Bank 2018-BN12 A4, 4.2550%, 5/15/61^‡	1,760,650	2,069,083
	Bank 2019-BN17, 3.7140%, 4/15/52	3,864,736	4,469,574
	Bank 2019-BN18, 3.5840%, 5/15/62	6,717,260	7,744,007
	Bank 2019-BN20, 3.0110%, 9/15/62	3,162,497	3,497,867
	Bank 2019-BN23, 2.9200%, 12/15/52	5,689,139	6,271,878
	Bank 2019-BNK24, 2.9600%, 11/15/62	1,656,800	1,832,755
	Barclays Comercial Mortgage Securities LLC 2017-DELC,
	ICE LIBOR USD 1 Month + 0.8500%, 1.0348%, 8/15/36 (144A)^‡	3,044,000	2,905,000
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	9,721,000	10,690,022
	Benchmark Mortgage Trust 2020-B16, 2.7320%, 2/15/53	4,045,000	4,378,773
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 0.9348%, 11/15/35 (144A)^‡	6,689,165	6,619,729
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 1.1048%, 10/15/36 (144A)^‡	8,982,676	8,905,253
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 1.2648%, 10/15/36 (144A)^‡	1,356,669	1,332,949
	BX Trust 2019-OC11, 3.2020%, 12/9/41 (144A)	8,590,000	8,960,172
	BX Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	4,295,000	4,289,374
	BX Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	4,295,000	4,096,401
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	6,443,000	5,961,718
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	1,639,000	1,454,608
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,909,000	5,375,274
	Chase Home Lending Mortgage Trust 2019-ATR2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0845%, 7/25/49 (144A)^‡	1,136,715	1,134,215
	COLT Funding LLC 2020-2,
	ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)^‡	3,118,604	3,135,021
	COLT Funding LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)^‡	3,046,000	3,025,886
	Connecticut Avenue Securities Trust 2014-C04,
	ICE LIBOR USD 1 Month + 4.9000%, 5.0845%, 11/25/24^‡	723,999	750,239
	Connecticut Avenue Securities Trust 2016-C03,
	ICE LIBOR USD 1 Month + 5.9000%, 6.0845%, 10/25/28^‡	1,302,370	1,353,947
	Connecticut Avenue Securities Trust 2016-C04,
	ICE LIBOR USD 1 Month + 4.2500%, 4.4345%, 1/25/29^‡	3,052,377	3,130,000
	Connecticut Avenue Securities Trust 2017-C01,
	ICE LIBOR USD 1 Month + 3.5500%, 3.7345%, 7/25/29^‡	5,385,704	5,473,822
	Connecticut Avenue Securities Trust 2018-C05,
	ICE LIBOR USD 1 Month + 2.3500%, 2.5345%, 1/25/31^‡	2,721,407	2,663,075
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 2.4845%, 8/25/31 (144A)^‡	3,144,230	3,097,877
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 2.3345%, 9/25/31 (144A)^‡	8,137,313	8,022,121
	Connecticut Avenue Securities Trust 2019-R04,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2845%, 6/25/39 (144A)^‡	5,070,897	4,899,621
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1845%, 7/25/39 (144A)^‡	10,876,834	10,637,503
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2845%, 10/25/39 (144A)^‡	10,192,462	9,879,424


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Connecticut Avenue Securities Trust 2020-R01, ICE LIBOR USD 1 Month + 0.8000%, 0.9845%, 1/25/40 (144A)^‡	$2,415,961	$2,400,923
	Connecticut Avenue Securities Trust 2020-R02,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1845%, 1/25/40 (144A)^‡	10,430,356	9,850,275
	Cosmopolitan Hotel Trust 2017,
	ICE LIBOR USD 1 Month + 0.9300%, 1.1148%, 11/15/36 (144A)^‡	3,744,959	3,584,398
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	5,714,000	5,895,486
	DB Master Finance LLC, 3.7870%, 5/20/49 (144A)	4,213,163	4,321,710
	DB Master Finance LLC, 4.0210%, 5/20/49 (144A)	1,720,003	1,802,710
	DB Master Finance LLC, 4.3520%, 5/20/49 (144A)	3,572,008	3,784,710
	Dell Equipment Finance Trust 2020-1, 2.2600%, 6/22/22 (144A)	4,215,000	4,285,487
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	1,563,900	1,580,230
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	2,521,350	2,706,393
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	7,407,068	7,858,942
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	3,944,738	4,279,183
	Domino's Pizza Master Issuer LLC, 3.6680%, 10/25/49 (144A)	13,743,935	14,421,929
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	6,197,000	6,317,554
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	4,659,000	4,765,952
	Drive Auto Receivables Trust 2017-3, 3.5300%, 12/15/23 (144A)	1,119,074	1,134,887
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	3,056,654	3,104,683
	Drive Auto Receivables Trust 2019-2, 3.0400%, 3/15/23	2,485,539	2,494,004
	Exeter Automobile Receivables Trust 2018-1A C, 3.0300%, 1/17/23 (144A)	3,781,918	3,800,656
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.0000%, 5.1845%, 7/25/25^‡	4,905,491	5,023,060
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.7000%, 5.8845%, 4/25/28^‡	2,559,591	2,668,465
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.9500%, 1.1345%, 10/25/29^‡	136,890	136,763
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1845%, 3/25/31^‡	7,661,211	7,383,321
	Fannie Mae REMICS, 3.0000%, 5/25/48	9,792,070	10,509,794
	Fannie Mae REMICS, 3.0000%, 11/25/49	14,233,129	14,717,608
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.3500%, 1.5345%, 3/25/29^‡	99,725	99,761
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7500%, 0.9345%, 3/25/30^‡	78,483	78,361
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7700%, 0.9545%, 11/25/49 (144A)^‡	151,476	151,334
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.7000%, 1.8845%, 1/25/50 (144A)^‡	7,182,000	6,643,893
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7500%, 0.9345%, 2/25/50 (144A)^‡	889,706	884,167
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.0000%, 0%, 6/25/50^‡	2,765,000	2,765,000
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 1.2188%, 12/15/36 (144A)^‡	2,050,000	1,963,372
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 1.5188%, 12/15/36 (144A)^‡	2,296,000	2,164,472
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 1.8178%, 12/15/36 (144A)^‡	2,558,000	2,363,245
	GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51^‡	2,505,214	2,926,612
	GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51^‡	4,185,984	4,841,952
	GS Mortgage Securities Trust 2020-GC45, 2.9106%, 2/13/53	4,121,000	4,498,264
	GS Mortgage Securities Trust 2020-GC47, 2.3772%, 5/12/53	4,515,000	4,791,107
	Jack in the Box Funding LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	6,998,692	7,161,301
	Jack in the Box Funding LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	6,971,567	7,171,532
	Jack in the Box Funding LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	9,262,455	9,609,304
	JP Morgan Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0845%, 11/25/49 (144A)^‡	672,917	672,910


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	JUNE 30, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	JP Morgan Mortgage Trust 2019-7, ICE LIBOR USD 1 Month + 0.9000%, 1.0845%, 2/25/50 (144A)^‡	$4,215,920		$4,206,473
	JP Morgan Mortgage Trust 2019-INV1,
	ICE LIBOR USD 1 Month + 0.9500%, 1.1345%, 10/25/49 (144A)^‡	1,448,267		1,448,233
	JP Morgan Mortgage Trust 2019-LTV2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0845%, 12/25/49 (144A)^‡	3,011,168		3,005,053
	JP Morgan Mortgage Trust 2020-4,
	ICE LIBOR USD 1 Month + 1.2500%, 1.4401%, 11/25/50 (144A)^‡	2,766,000		2,765,904
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 0.8500%, 1.0345%, 11/25/51 (144A)^‡	13,521,333		13,491,659
	Morgan Stanley Capital I Trust 2016-UB11, 2.7820%, 8/15/49	4,025,000		4,266,349
	Morgan Stanley Capital I Trust 2019-H6, 3.4170%, 6/15/52	2,234,425		2,512,778
	Morgan Stanley Capital I Trust 2015-UBS8, 3.8090%, 12/15/48	2,985,000		3,273,295
	Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51	4,192,640		4,906,351
	Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51	6,272,995		7,433,792
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)^‡	5,033,168		5,351,917
	OneMain Direct Auto Receivables Trust 2017-2A, 2.8200%, 7/15/24 (144A)	3,575,000		3,585,637
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,347,000		2,362,342
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,534,000		2,614,984
	Planet Fitness Master Issuer LLC, 3.8580%, 12/5/49 (144A)	6,594,860		5,650,749
	Preston Ridge Partners Mortgage Trust 2019-1A, 4.5000%, 1/25/24 (144A)^Ç	2,010,626		2,027,334
	Preston Ridge Partners Mortgage Trust 2019-2A, 3.9670%, 4/25/24 (144A)^Ç	3,469,154		3,487,630
	Preston Ridge Partners Mortgage Trust 2019-3A, 3.3510%, 7/25/24 (144A)^Ç	2,712,205		2,710,077
	Provident Funding Mortgage Trust 2020-1, 3.0000%, 2/25/50 (144A)^‡	1,932,319		1,978,385
	PRPM 2020-1A LLC, 2.9810%, 2/25/25 (144A)^Ç	1,999,225		1,980,270
	PRPM LLC, 3.3510%, 11/25/24 (144A)^Ç	4,723,678		4,694,918
	Santander Consumer Auto Receivables Trust 2020-AA, 1.3700%, 10/15/24 (144A)	4,794,581		4,822,779
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,946,000		13,144,394
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)^‡	1,941,008		1,979,218
	Sequoia Mortgage Trust 2013-7, 3.0000%, 6/25/43^‡	991,058		1,020,847
	Sequoia Mortgage Trust 2013-9, 3.5000%, 7/25/43 (144A)	480,873		494,563
	Sequoia Mortgage Trust 2019-3, 3.5000%, 9/25/49 (144A)^‡	1,422,422		1,453,845
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)^‡	1,826,579		1,864,156
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)^‡	1,652,966		1,653,714
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)^‡	3,216,738		3,187,919
	Spruce Hill Mortgage Loan Trust 2020-SH2, 3.4070%, 6/25/55 (144A)^‡	10,936,000		10,935,855
	Starwood Mortgage Residential Trust 2020-2, 2.7180%, 4/25/60 (144A)^‡	2,880,680		2,928,270
	Station Place Securitization Trust Series 2019-10,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0848%, 10/24/20 (144A)^‡	15,770,000		15,769,371
	Taco Bell Funding LLC, 4.9400%, 11/25/48 (144A)	1,491,290		1,578,919
	Towd Point Asset Funding LLC 2019-HE1 A1,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0845%, 4/25/48 (144A)^‡	5,258,719		5,181,416
	Wells Fargo Mortgage Backed Securities Trust 2019-4,
	3.5000%, 9/25/49 (144A)^‡	2,542,025		2,593,746
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	2,638,350		2,728,133
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	710,775		750,094
	Wendy's Funding LLC, 3.7830%, 6/15/49 (144A)	3,869,040		4,069,954
	WFRBS Commercial Mortgage Trust 2014-C25, 3.6310%, 11/15/47	3,411,000		3,703,349
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $523,457,444)				529,262,300
Bank Loans and Mezzanine Loans– 0.4%
Consumer Non-Cyclical – 0.4%
	Elanco Animal Health Inc,
	ICE LIBOR USD 1 Month + 1.7500%, 3.4044%, 2/4/27^ƒ,‡ (cost $16,182,620)	16,182,620	15,400,514
Corporate Bonds– 55.4%
Banking – 9.7%
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0600%, 3.5590%, 4/23/27^‡	16,891,000		18,851,726


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking – (continued)
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	$15,018,000	$16,972,865
	Bank of America Corp, SOFR + 2.1500%, 2.5920%, 4/29/31^‡	9,954,000	10,528,859
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%^‡,µ	8,740,000	9,046,512
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.8980%, 6.1000%^‡,µ	3,823,000	4,033,265
	Bank of New York Mellon Corp,
	US Treasury Yield Curve Rate + 4.3580%, 4.7000%^‡,µ	12,226,000	12,715,040
	BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)^‡	5,841,000	6,464,862
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.1110%, 2.8190%, 11/19/25 (144A)^‡	3,968,000	4,155,637
	BNP Paribas SA, SOFR + 1.5070%, 3.0520%, 1/13/31 (144A)^‡	8,940,000	9,404,376
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	8,311,000	9,366,614
	Citigroup Inc, SOFR + 1.4220%, 2.9760%, 11/5/30^‡	3,661,000	3,895,157
	Citigroup Inc, ICE LIBOR USD 3 Month + 4.0680%, 5.9500%^‡,µ	6,646,000	6,579,238
	Citigroup Inc, 5.9000%^µ	841,000	836,274
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%^‡,µ	4,359,000	4,328,487
	Citizens Financial Group Inc, 3.7500%, 7/1/24	6,340,000	6,815,645
	Citizens Financial Group Inc, 4.3500%, 8/1/25	4,365,000	4,831,400
	Citizens Financial Group Inc, 4.3000%, 12/3/25	5,526,000	6,183,134
	Credit Agricole SA, 4.3750%, 3/17/25 (144A)	3,972,000	4,389,111
	Credit Agricole SA, 3.2500%, 1/14/30 (144A)	11,872,000	12,735,302
	Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)^‡	1,752,000	1,776,089
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	16,988,000	18,627,471
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 3.9220%, 4.3696%^‡,µ	12,602,000	11,552,253
	JPMorgan Chase & Co, SOFR + 1.8500%, 2.0830%, 4/22/26^‡	11,567,000	12,001,129
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	17,927,000	20,419,702
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3300%, 4.4520%, 12/5/29^‡	21,338,000	25,580,582
	JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31^‡	18,825,000	20,018,104
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26^‡	16,424,000	17,081,138
	Morgan Stanley, 3.9500%, 4/23/27	11,088,000	12,480,014
	Societe Generale SA, 2.6250%, 1/22/25 (144A)	12,359,000	12,618,882
	SVB Financial Group, 3.1250%, 6/5/30	18,961,000	20,304,744
	Wells Fargo & Co, SOFR + 1.6000%, 1.6540%, 6/2/24^‡	8,357,000	8,492,333
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 0.7500%, 2.1640%, 2/11/26^‡	16,405,000	16,931,441
	Wells Fargo & Co, SOFR + 2.0000%, 2.1880%, 4/30/26^‡	9,449,000	9,769,957
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 3.9900%, 5.8750%^‡,µ	8,941,000	9,293,007
			369,080,350
Basic Industry – 1.1%
	Constellium NV, 5.7500%, 5/15/24 (144A)	5,806,000	5,806,000
	Ecolab Inc, 4.8000%, 3/24/30	3,770,000	4,779,694
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	14,795,000	15,209,328
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	11,297,000	12,133,898
	Steel Dynamics Inc, 5.5000%, 10/1/24	2,913,000	2,993,108
			40,922,028
Beverages – 0.3%
	Diageo Capital PLC, 2.3750%, 10/24/29	9,739,000	10,394,605
Brokerage – 1.3%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	10,667,000	11,984,734
	Charles Schwab Corp, 4.2000%, 3/24/25	5,325,000	6,108,166
	Charles Schwab Corp, US Treasury Yield Curve Rate + 4.9710%, 5.3750%^‡,µ	16,972,000	18,131,527
	Raymond James Financial Inc, 5.6250%, 4/1/24	3,597,000	4,098,856
	Raymond James Financial Inc, 4.6500%, 4/1/30	1,251,000	1,495,560
	Raymond James Financial Inc, 4.9500%, 7/15/46	6,881,000	8,320,765
			50,139,608
Capital Goods – 4.5%
	Avery Dennison Co, 2.6500%, 4/30/30	10,049,000	10,297,139
	BAE Systems PLC, 3.4000%, 4/15/30 (144A)	3,443,000	3,754,875
	Bemis Co Inc, 2.6300%, 6/19/30	10,648,000	10,914,566
	Boeing Co, 4.5080%, 5/1/23	9,475,000	10,004,747
	Boeing Co, 4.8750%, 5/1/25	6,872,000	7,482,596


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	JUNE 30, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Capital Goods – (continued)
	Boeing Co, 2.2500%, 6/15/26	$2,239,000	$2,164,327
	Boeing Co, 3.6000%, 5/1/34	8,671,000	8,193,747
	Boeing Co, 5.7050%, 5/1/40	3,784,000	4,279,435
	Boeing Co, 5.8050%, 5/1/50	1,967,000	2,320,871
	Boeing Co, 5.9300%, 5/1/60	3,784,000	4,471,303
	General Dynamics Corp, 3.2500%, 4/1/25	4,182,000	4,637,932
	General Dynamics Corp, 3.5000%, 4/1/27	6,049,000	6,927,595
	General Dynamics Corp, 4.2500%, 4/1/50	1,661,000	2,157,534
	General Electric Co, 3.4500%, 5/1/27	2,790,000	2,861,895
	General Electric Co, 6.7500%, 3/15/32	4,617,000	5,652,605
	Huntington Ingalls Industries Inc, 3.8440%, 5/1/25 (144A)	3,903,000	4,237,974
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	18,746,000	19,408,674
	Huntington Ingalls Industries Inc, 4.2000%, 5/1/30 (144A)	8,634,000	9,618,538
	Northrop Grumman Corp, 4.4000%, 5/1/30	4,373,000	5,300,083
	Northrop Grumman Corp, 5.1500%, 5/1/40	3,168,000	4,215,809
	Northrop Grumman Corp, 5.2500%, 5/1/50	1,628,000	2,341,034
	Otis Worldwide Corp, 2.0560%, 4/5/25 (144A)	5,195,000	5,444,252
	Vulcan Materials Co, 3.5000%, 6/1/30	4,127,000	4,481,598
	Wabtec Corp, 4.4000%, 3/15/24	3,110,000	3,297,046
	Wabtec Corp, 3.4500%, 11/15/26	5,844,000	6,015,700
	Wabtec Corp, 4.9500%, 9/15/28	13,373,000	14,879,709
	Westinghouse Air Brake Technologies Corp, 3.2000%, 6/15/25	7,868,000	8,032,199
			173,393,783
Communications – 5.4%
	AT&T Inc, 3.6000%, 7/15/25	912,000	1,012,897
	AT&T Inc, 4.8500%, 3/1/39	7,686,000	9,267,465
	AT&T Inc, 4.7500%, 5/15/46	3,447,000	4,081,952
	CenturyLink Inc, 6.4500%, 6/15/21	5,252,000	5,371,220
	CenturyLink Inc, 5.8000%, 3/15/22	3,791,000	3,895,253
	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.8000%, 4/1/31	6,739,000	6,828,155
	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.4840%, 10/23/45	2,062,000	2,739,660
	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.3750%, 5/1/47	1,649,000	1,946,473
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.8000%, 3/1/50	6,014,000	6,816,298
	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.7000%, 4/1/51	7,356,000	7,155,611
	Comcast Corp, 3.1000%, 4/1/25	1,153,000	1,266,522
	Comcast Corp, 3.1500%, 3/1/26	1,599,000	1,789,189
	Comcast Corp, 3.3000%, 4/1/27	3,141,000	3,530,770
	Comcast Corp, 4.6000%, 10/15/38	5,367,000	6,834,809
	Crown Castle International Corp, 3.6500%, 9/1/27	4,885,000	5,440,871
	Crown Castle International Corp, 4.3000%, 2/15/29	4,278,000	4,963,473
	Crown Castle International Corp, 3.1000%, 11/15/29	9,250,000	9,913,627
	CSC Holdings LLC, 4.1250%, 12/1/30 (144A)	8,953,000	8,875,198
	Level 3 Financing Inc, 3.8750%, 11/15/29 (144A)	9,043,000	9,534,216
	Netflix Inc, 3.6250%, 6/15/25 (144A)	18,900,000	19,041,750
	RELX Capital Inc, 3.0000%, 5/22/30	5,281,000	5,718,601
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	12,312,000	12,145,296
	T-Mobile USA Inc, 6.3750%, 3/1/25	10,987,000	11,289,142
	T-Mobile USA Inc, 3.5000%, 4/15/25 (144A)	3,162,000	3,446,643
	T-Mobile USA Inc, 1.5000%, 2/15/26 (144A)	5,280,000	5,279,630
	T-Mobile USA Inc, 3.7500%, 4/15/27 (144A)	12,599,000	13,978,590
	T-Mobile USA Inc, 2.0500%, 2/15/28 (144A)	4,054,000	4,055,905
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	2,421,000	2,698,374
	T-Mobile USA Inc, 2.5500%, 2/15/31 (144A)	6,600,000	6,623,232
	Verizon Communications Inc, 2.6250%, 8/15/26	6,528,000	7,102,781


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	Verizon Communications Inc, 3.0000%, 3/22/27	$3,244,000	$3,598,083
	Verizon Communications Inc, 4.8620%, 8/21/46	3,670,000	4,988,999
	Verizon Communications Inc, 4.5220%, 9/15/48	1,355,000	1,790,584
	Verizon Communications Inc, 4.0000%, 3/22/50	2,801,000	3,526,181
			206,547,450
Consumer Cyclical – 5.7%
	Alimentation Couche-Tard Inc, 2.9500%, 1/25/30 (144A)	2,336,000	2,421,520
	AutoZone Inc, 3.7500%, 4/18/29	7,664,000	8,707,665
	Booking Holdings Inc, 4.1000%, 4/13/25	16,028,000	18,008,769
	Booking Holdings Inc, 4.5000%, 4/13/27	5,457,000	6,264,422
	Booking Holdings Inc, 4.6250%, 4/13/30	3,807,000	4,452,343
	Choice Hotels International Inc, 3.7000%, 12/1/29	8,215,000	8,229,541
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	18,104,000	19,290,155
	General Motors Co, 4.2000%, 10/1/27	3,051,000	3,108,285
	General Motors Co, 5.0000%, 10/1/28	6,189,000	6,572,505
	General Motors Co, 5.4000%, 4/1/48	3,244,000	3,206,175
	General Motors Financial Co Inc, 4.3500%, 4/9/25	2,213,000	2,335,636
	General Motors Financial Co Inc, 4.3000%, 7/13/25	1,995,000	2,078,770
	General Motors Financial Co Inc, 4.3500%, 1/17/27	5,220,000	5,400,302
	GLP Capital LP / GLP Financing II Inc, 3.3500%, 9/1/24	1,552,000	1,550,758
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	3,179,000	3,456,876
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	5,755,000	6,289,524
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	641,000	693,613
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	8,545,000	8,496,721
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31	2,203,000	2,176,762
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	4,660,000	4,996,996
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	10,873,000	12,177,760
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	4,838,000	5,350,876
	Lowe's Cos Inc, 4.0000%, 4/15/25	4,430,000	5,054,936
	Lowe's Cos Inc, 4.5000%, 4/15/30	4,585,000	5,623,559
	Lowe's Cos Inc, 5.0000%, 4/15/40	3,253,000	4,226,029
	Lowe's Cos Inc, 5.1250%, 4/15/50	4,448,000	6,139,901
	Marriott International Inc, 5.7500%, 5/1/25	9,356,000	10,196,362
	Mastercard Inc, 3.3000%, 3/26/27	3,687,000	4,175,162
	Mastercard Inc, 3.3500%, 3/26/30	4,672,000	5,404,715
	McDonald's Corp, 3.3000%, 7/1/25	1,666,000	1,850,820
	McDonald's Corp, 3.5000%, 7/1/27	5,238,000	5,946,651
	McDonald's Corp, 3.6250%, 9/1/49	4,975,000	5,513,479
	MDC Holdings Inc, 5.5000%, 1/15/24	6,904,000	7,387,280
	MGM Resorts International, 7.7500%, 3/15/22	1,065,000	1,083,318
	Nordstrom Inc, 4.3750%, 4/1/30	9,835,000	7,714,628
	O'Reilly Automotive Inc, 3.6000%, 9/1/27	217,000	243,831
	O'Reilly Automotive Inc, 4.3500%, 6/1/28	1,675,000	1,952,523
	O'Reilly Automotive Inc, 3.9000%, 6/1/29	9,792,000	11,274,581
			219,053,749
Consumer Non-Cyclical – 8.4%
	AbbVie Inc, 3.4500%, 3/15/22 (144A)	10,007,000	10,396,394
	AbbVie Inc, 3.2500%, 10/1/22 (144A)	7,142,000	7,471,622
	AbbVie Inc, 2.8000%, 3/15/23 (144A)	733,000	760,616
	AbbVie Inc, 2.6000%, 11/21/24 (144A)	5,957,000	6,343,488
	AbbVie Inc, 3.8000%, 3/15/25 (144A)	6,294,000	7,018,042
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.9000%, 2/1/46	8,496,000	10,391,722
	Anheuser-Busch InBev Worldwide Inc, 4.3500%, 6/1/40	4,989,000	5,681,355
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	13,230,000	13,661,695
	Baxter International Inc, 3.7500%, 10/1/25 (144A)	3,948,000	4,498,080
	Baxter International Inc, 3.9500%, 4/1/30 (144A)	3,445,000	4,084,452
	Boston Scientific Corp, 3.7500%, 3/1/26	4,802,000	5,452,784
	Boston Scientific Corp, 4.0000%, 3/1/29	2,517,000	2,879,427


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	JUNE 30, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool:
	3.0000%, 10/1/34	$59,638	$63,020
	2.5000%, 11/1/34	4,467,517	4,720,494
	3.0000%, 11/1/34	270,222	288,156
	3.0000%, 12/1/34	261,700	278,809
	6.0000%, 2/1/37	1,224,172	1,470,278
	4.5000%, 11/1/42	1,394,921	1,557,448
	3.5000%, 12/1/42	12,987,340	14,069,374
	3.0000%, 1/1/43	241,586	258,257
	3.0000%, 2/1/43	488,374	521,482
	3.5000%, 2/1/43	22,067,832	23,906,403
	3.5000%, 4/1/43	23,656,830	25,585,453
	3.0000%, 5/1/43	2,221,185	2,348,854
	3.5000%, 4/1/44	6,944,852	7,659,531
	5.0000%, 7/1/44	8,283,402	9,244,090
	4.5000%, 10/1/44	2,937,732	3,345,239
	3.5000%, 2/1/45	20,474,294	22,143,461
	4.5000%, 3/1/45	4,584,938	5,220,935
	4.5000%, 6/1/45	2,683,364	2,991,233
	3.5000%, 12/1/45	6,514,511	7,175,735
	4.5000%, 2/1/46	5,368,448	5,993,942
	3.5000%, 7/1/46	11,845,811	12,906,352
	3.0000%, 9/1/46	5,191,464	5,549,289
	3.0000%, 1/1/47	19,196,612	20,519,750
	3.0000%, 2/1/47	71,925,962	76,949,876
	4.5000%, 5/1/47	923,866	1,025,950
	4.5000%, 5/1/47	833,892	913,395
	4.5000%, 5/1/47	819,849	901,885
	4.5000%, 5/1/47	586,075	641,951
	4.5000%, 5/1/47	564,469	626,840
	4.5000%, 5/1/47	438,356	482,219
	4.5000%, 5/1/47	278,740	306,631
	4.5000%, 5/1/47	193,506	214,888
	4.5000%, 5/1/47	169,686	188,435
	4.0000%, 6/1/47	1,930,604	2,057,561
	4.0000%, 6/1/47	1,055,838	1,132,130
	4.0000%, 6/1/47	899,706	958,871
	4.0000%, 6/1/47	460,007	493,246
	4.5000%, 6/1/47	3,459,420	3,730,325
	4.5000%, 6/1/47	316,518	351,492
	4.0000%, 7/1/47	1,585,024	1,689,255
	4.0000%, 7/1/47	1,538,087	1,639,232
	4.0000%, 7/1/47	503,528	536,640
	4.0000%, 7/1/47	322,841	344,072
	4.5000%, 7/1/47	2,530,498	2,728,659
	4.5000%, 7/1/47	1,752,287	1,889,508
	4.5000%, 7/1/47	1,576,219	1,699,651
	3.5000%, 8/1/47	4,915,196	5,186,634
	3.5000%, 8/1/47	19,640	21,024
	4.0000%, 8/1/47	3,157,684	3,365,333
	4.0000%, 8/1/47	1,820,203	1,939,900
	4.5000%, 8/1/47	2,587,636	2,790,272
	4.5000%, 8/1/47	361,597	391,081
	4.0000%, 9/1/47	854,988	921,938
	4.5000%, 9/1/47	2,323,758	2,505,730
	4.5000%, 9/1/47	1,478,748	1,594,547
	4.5000%, 9/1/47	1,362,534	1,469,233
	4.0000%, 10/1/47	3,747,897	3,994,359
	4.0000%, 10/1/47	3,714,583	4,005,455
	4.0000%, 10/1/47	3,536,473	3,813,398


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– (continued)
	2.0000%, 2/15/50	$81,304,600	$93,062,008
Total United States Treasury Notes/Bonds (cost $326,903,662)			344,112,623
Investment Companies– 6.1%
Money Markets – 6.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1535%^ºº,£(cost $232,545,984)	232,522,732	232,545,984
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0368%^ºº,£	2,782,512	2,782,512
Time Deposits – 0%
	Royal Bank of Canada, 0.0900%, 7/1/20	$695,628	695,628
Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,478,140)			3,478,140
Total Investments (total cost $3,788,048,243) – 104.4%			3,976,721,223
Liabilities, net of Cash, Receivables and Other Assets – (4.4)%			(166,538,930)
Net Assets – 100%			$3,810,182,293


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2020

	Market Value
Futures contracts, purchased	$ 2,138,401


ƒ	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	3,741,392,727
	Affiliated investments, at value⁽³⁾			235,328,496
	Cash			12,507
	Deposits with brokers for futures			100,000
	Non-interested Trustees' deferred compensation			78,119
	Receivables:
		Interest		20,504,256
		Investments sold		16,746,422
		Fund shares sold		10,411,607
		Dividends from affiliates		19,439
	Other assets			16,364
Total Assets				4,024,609,937
Liabilities:
	Collateral for securities loaned (Note 3)			3,478,140
	Variation margin payable			7,813
	Payables:			—
		Investments purchased		198,773,888
		Fund shares repurchased		8,500,185
		Advisory fees		1,264,271
		Dividends		1,029,438
		Transfer agent fees and expenses		502,125
		12b-1 Distribution and shareholder servicing fees		139,345
		Professional fees		86,291
		Non-interested Trustees' deferred compensation fees		78,119
		Non-interested Trustees' fees and expenses		19,944
		Affiliated fund administration fees payable		7,742
		Custodian fees		6,355
		Accrued expenses and other payables		533,988
Total Liabilities				214,427,644
Net Assets			$	3,810,182,293




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,788,460,556
	Total distributable earnings (loss)		21,721,737
Total Net Assets		$	3,810,182,293
Net Assets - Class A Shares		$	118,862,438
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,669,599
Net Asset Value Per Share⁽⁴⁾		$	11.14
Maximum Offering Price Per Share⁽⁵⁾		$	11.70
Net Assets - Class C Shares		$	122,908,298
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,029,306
Net Asset Value Per Share⁽⁴⁾		$	11.14
Net Assets - Class D Shares		$	641,920,432
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		57,605,780
Net Asset Value Per Share		$	11.14
Net Assets - Class I Shares		$	1,746,375,943
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		156,704,403
Net Asset Value Per Share		$	11.14
Net Assets - Class N Shares		$	539,154,309
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,414,634
Net Asset Value Per Share		$	11.14
Net Assets - Class R Shares		$	24,452,530
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,194,012
Net Asset Value Per Share		$	11.15
Net Assets - Class S Shares		$	18,629,789
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,671,688
Net Asset Value Per Share		$	11.14
Net Assets - Class T Shares		$	597,878,554
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		53,662,702
Net Asset Value Per Share		$	11.14



Investment Income:
	Interest		$	122,072,426
	Dividends from affiliates			2,541,871
	Dividends			271,300
	Affiliated securities lending income, net			81,132
	Unaffiliated securities lending income, net			4,265
	Other income			133,794
Total Investment Income				125,104,788
Expenses:
	Advisory fees			16,048,278
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		285,787
		Class C Shares		1,208,122
		Class R Shares		127,904
		Class S Shares		58,015
	Transfer agent administrative fees and expenses:
		Class D Shares		684,984
		Class R Shares		64,407
		Class S Shares		58,015
		Class T Shares		1,513,748
	Transfer agent networking and omnibus fees:
		Class A Shares		257,064
		Class C Shares		92,445
		Class I Shares		1,255,942
	Other transfer agent fees and expenses:
		Class A Shares		9,148
		Class C Shares		8,985
		Class D Shares		99,253
		Class I Shares		79,683
		Class N Shares		17,998
		Class R Shares		852
		Class S Shares		513
		Class T Shares		8,321
	Shareholder reports expense			448,913
	Registration fees			174,503
	Affiliated fund administration fees			98,427
	Custodian fees			94,998
	Non-interested Trustees’ fees and expenses			71,908
	Professional fees			63,933
	Other expenses			293,777
Total Expenses				23,125,923
Less: Excess Expense Reimbursement and Waivers				(84,054)
Net Expenses				23,041,869
Net Investment Income/(Loss)				102,062,919



Net Realized Gain/(Loss) on Investments:
	Investments	$	220,909,336
	Investments in affiliates		(23,559)
	Futures contracts		(9,545)
	Short sales		(7,080)
Total Net Realized Gain/(Loss) on Investments			220,869,152
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation		55,657,756
	Investments in affiliates		4,133
	Futures contracts		24,609
Total Change in Unrealized Net Appreciation/Depreciation			55,686,498
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	378,618,569


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $300 Million	0.50
Over $300 Million	0.40




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93019 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Global Allocation Fund – Conservative

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	38.7	%
Janus Henderson Multi-Sector Income Fund - Class N Shares	13.1
Janus Henderson Flexible Bond Fund - Class N Shares	8.5
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.2
Janus Henderson Emerging Markets Fund - Class N Shares	3.2
Janus Henderson Overseas Fund - Class N Shares	3.2
Janus Henderson Enterprise Fund - Class N Shares	3.0
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	2.9
Janus Henderson Large Cap Value Fund - Class N Shares	2.8
Janus Henderson Forty Fund - Class N Shares	2.8
Janus Henderson Triton Fund - Class N Shares	2.6
Janus Henderson Contrarian Fund - Class N Shares	2.6
Janus Henderson Small Cap Value Fund - Class N Shares	2.1
Janus Henderson Mid Cap Value Fund - Class N Shares	2.1
Janus Henderson Global Select Fund - Class N Shares	1.8
Janus Henderson International Value Fund - Class N Shares	1.8
Janus Henderson Asia Equity Fund - Class N Shares	1.1
Janus Henderson Global Real Estate Fund - Class N Shares	1.1
Janus Henderson International Managed Volatility Fund - Class N Shares	1.0
Janus Henderson Global Research Fund - Class N Shares	0.3
Janus Henderson European Focus Fund - Class N Shares	0.2


Asset Allocation - (% of Net Assets)
Fixed Income Funds	60.3%
Equity Funds	39.8%
Other		(0.1)%
		100.0%


Shares			Value
Investment Companies^£– 100.1%
Equity Funds – 39.8%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	950,647	$9,354,366
	Janus Henderson Asia Equity Fund - Class N Shares	187,833	2,002,304
	Janus Henderson Contrarian Fund - Class N Shares	232,172	4,699,158
	Janus Henderson Emerging Markets Fund - Class N Shares	639,996	5,817,567
	Janus Henderson Enterprise Fund - Class N Shares	40,965	5,487,278
	Janus Henderson European Focus Fund - Class N Shares	10,188	310,034
	Janus Henderson Forty Fund - Class N Shares	114,403	4,985,683
	Janus Henderson Global Real Estate Fund - Class N Shares	169,425	1,975,493
	Janus Henderson Global Research Fund - Class N Shares	6,022	488,729
	Janus Henderson Global Select Fund - Class N Shares	235,768	3,336,110
	Janus Henderson International Managed Volatility Fund - Class N Shares	225,207	1,826,426
	Janus Henderson International Value Fund - Class N Shares	374,896	3,220,353
	Janus Henderson Large Cap Value Fund - Class N Shares	431,768	5,107,820
	Janus Henderson Mid Cap Value Fund - Class N Shares	296,517	3,851,753
	Janus Henderson Overseas Fund - Class N Shares	188,161	5,699,404
	Janus Henderson Small Cap Value Fund - Class N Shares	220,323	3,855,647
	Janus Henderson Triton Fund - Class N Shares	158,990	4,699,743
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	469,729	5,326,722
			72,044,590
Fixed Income Funds – 60.3%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,384,626	15,424,732
	Janus Henderson Global Bond Fund - Class N Shares	6,939,016	70,014,668
	Janus Henderson Multi-Sector Income Fund - Class N Shares	2,501,380	23,663,053
			109,102,453
Total Investments (total cost $169,906,086) – 100.1%			181,147,043
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(99,651)
Net Assets – 100%			$181,047,392


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Capital Gain Distributions from Underlying Funds⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 6/30/20
Investment Companies - 100.1%
Alternative Funds - N/A
	Janus Henderson Diversified Alternatives Fund - Class N Shares	$	-	$	(984,898)	$	7,023	$	628,346	$	-
Equity Funds - 39.8%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		149,590		197,635		4,112		(774,473)		9,354,366
	Janus Henderson Asia Equity Fund - Class N Shares		15,246		(31,367)		-		(34,195)		2,002,304
	Janus Henderson Contrarian Fund - Class N Shares		126,293		(29,804)		491,151		(239,225)		4,699,158
	Janus Henderson Emerging Markets Fund - Class N Shares		53,126		(171,922)		-		(332,972)		5,817,567
	Janus Henderson Enterprise Fund - Class N Shares		10,725		308,377		146,129		(555,885)		5,487,278
	Janus Henderson European Focus Fund - Class N Shares		-		(13,838)		-		(1,540)		310,034
	Janus Henderson Forty Fund - Class N Shares		5,129		171,930		88,450		294,954		4,985,683
	Janus Henderson Global Real Estate Fund - Class N Shares		62,351		684,550		13,513		(885,338)		1,975,493
	Janus Henderson Global Research Fund - Class N Shares		31,749		1,719,572		93,322		(1,672,767)		488,729
	Janus Henderson Global Select Fund - Class N Shares		83,365		157,735		215,550		(288,254)		3,336,110
	Janus Henderson International Managed Volatility Fund - Class N Shares		275,884		530,854		-		(853,775)		1,826,426
	Janus Henderson International Value Fund - Class N Shares		152,565		(101,034)		50,616		(458,631)		3,220,353
	Janus Henderson Large Cap Value Fund - Class N Shares		95,476		(159,743)		190,128		(782,082)		5,107,820
	Janus Henderson Mid Cap Value Fund - Class N Shares		47,262		(82,394)		58,930		(467,400)		3,851,753
	Janus Henderson Overseas Fund - Class N Shares		194,805		431,190		-		(584,635)		5,699,404
	Janus Henderson Small Cap Value Fund - Class N Shares		28,026		(136,710)		-		(613,008)		3,855,647
	Janus Henderson Triton Fund - Class N Shares		-		54,701		148,667		(420,066)		4,699,743
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares		49,209		200,854		139,763		(223,068)		5,326,722
Total Equity Funds		$	1,380,801	$	3,730,586	$	1,640,331	$	(8,892,360)	$	72,044,590
Fixed Income Funds - 60.3%
	Janus Henderson Flexible Bond Fund - Class N Shares		589,015		2,213,026		-		(484,993)		15,424,732
	Janus Henderson Global Bond Fund - Class N Shares		735,718		251,621		-		3,721,839		70,014,668
	Janus Henderson Multi-Sector Income Fund - Class N Shares		98,374		6,480		-		397,631		23,663,053
	Janus Henderson Short-Term Bond Fund - Class N Shares		223,640		200,430		-		(142,007)		-
Total Fixed Income Funds		$	1,646,747	$	2,671,557	$	-	$	3,492,470	$	109,102,453


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	Global Conservative Allocation Index is an internally-calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM (40%).
MSCI All Country World Index^SM	MSCI All Country World Index^SMreflects the equity market performance of global developed and emerging markets.



Assets:
	Affiliated investments, at value⁽¹⁾		$	181,147,043
	Cash			12
	Non-interested Trustees' deferred compensation			3,712
	Receivables:
		Fund shares sold		639,530
		Dividends		243,337
		Due from adviser		8,524
	Other assets			481
Total Assets				182,042,639
Liabilities:
	Payables:			—
		Investments purchased		663,459
		Fund shares repurchased		225,398
		Professional fees		34,260
		Transfer agent fees and expenses		25,254
		12b-1 Distribution and shareholder servicing fees		9,844
		Advisory fees		7,451
		Non-interested Trustees' deferred compensation fees		3,712
		Custodian fees		2,312
		Non-interested Trustees' fees and expenses		958
		Accrued expenses and other payables		22,599
Total Liabilities				995,247
Net Assets			$	181,047,392
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	166,856,163
	Total distributable earnings (loss)			14,191,229
Total Net Assets			$	181,047,392
Net Assets - Class A Shares			$	4,029,915
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			328,054
Net Asset Value Per Share⁽²⁾			$	12.28
Maximum Offering Price Per Share⁽³⁾			$	13.03
Net Assets - Class C Shares			$	10,655,055
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			886,936
Net Asset Value Per Share⁽²⁾			$	12.01
Net Assets - Class D Shares			$	147,681,806
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			11,963,110
Net Asset Value Per Share			$	12.34
Net Assets - Class I Shares			$	3,380,567
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			273,865
Net Asset Value Per Share			$	12.34
Net Assets - Class S Shares			$	126,033
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			10,292
Net Asset Value Per Share			$	12.25
Net Assets - Class T Shares			$	15,174,016
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,231,906
Net Asset Value Per Share			$	12.32



Investment Income:
	Dividends from affiliates		$	3,027,548
Total Investment Income				3,027,548
Expenses:
	Advisory fees			94,754
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		10,953
		Class C Shares		117,958
		Class S Shares		1,018
	Transfer agent administrative fees and expenses:
		Class D Shares		181,533
		Class S Shares		1,017
		Class T Shares		41,014
	Transfer agent networking and omnibus fees:
		Class A Shares		3,576
		Class C Shares		7,984
		Class I Shares		2,634
	Other transfer agent fees and expenses:
		Class A Shares		373
		Class C Shares		987
		Class D Shares		20,607
		Class I Shares		203
		Class S Shares		29
		Class T Shares		276
	Registration fees			83,911
	Professional fees			34,487
	Shareholder reports expense			33,440
	Custodian fees			4,926
	Non-interested Trustees’ fees and expenses			3,969
	Other expenses			16,024
Total Expenses				661,673
Less: Excess Expense Reimbursement and Waivers				(12,460)
Net Expenses				649,213
Net Investment Income/(Loss)				2,378,335
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			5,417,245
	Capital gain distributions from underlying funds			1,647,354
Total Net Realized Gain/(Loss) on Investments				7,064,599
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			(4,771,544)
Total Change in Unrealized Net Appreciation/Depreciation				(4,771,544)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	4,671,390



Capital Gain Distributions	$6,920,856
Foreign Taxes Paid	$77,061
Foreign Source Income	$425,383
Dividends Received Deduction Percentage	21%
Qualified Dividend Income Percentage	45%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93020 08-20



		ANNUAL REPORT June 30, 2020

	Janus Henderson Global Allocation Fund - Growth

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	13.8	%
Janus Henderson Emerging Markets Fund - Class N Shares	6.8
Janus Henderson Enterprise Fund - Class N Shares	6.5
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	6.3
Janus Henderson Forty Fund - Class N Shares	6.0
Janus Henderson Large Cap Value Fund - Class N Shares	6.0
Janus Henderson Overseas Fund - Class N Shares	6.0
Janus Henderson Contrarian Fund - Class N Shares	5.7
Janus Henderson Triton Fund - Class N Shares	5.7
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.2
Janus Henderson Mid Cap Value Fund - Class N Shares	4.5
Janus Henderson Small Cap Value Fund - Class N Shares	4.3
Janus Henderson International Value Fund - Class N Shares	4.2
Janus Henderson Global Select Fund - Class N Shares	3.7
Janus Henderson Multi-Sector Income Fund - Class N Shares	3.7
Janus Henderson Flexible Bond Fund - Class N Shares	3.0
Janus Henderson Asia Equity Fund - Class N Shares	2.4
Janus Henderson Global Real Estate Fund - Class N Shares	2.3
Janus Henderson International Managed Volatility Fund - Class N Shares	2.1
Janus Henderson Global Research Fund - Class N Shares	1.4
Janus Henderson European Focus Fund - Class N Shares	0.4


Asset Allocation - (% of Net Assets)
Equity Funds	79.5%
Fixed Income Funds	20.5%
Other		(0.0)%
		100.0%


Shares			Value
Investment Companies^£– 100.0%
Equity Funds – 79.5%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,170,226	$11,515,026
	Janus Henderson Asia Equity Fund - Class N Shares	494,852	5,275,119
	Janus Henderson Contrarian Fund - Class N Shares	628,092	12,712,589
	Janus Henderson Emerging Markets Fund - Class N Shares	1,662,017	15,107,730
	Janus Henderson Enterprise Fund - Class N Shares	107,709	14,427,562
	Janus Henderson European Focus Fund - Class N Shares	26,559	808,194
	Janus Henderson Forty Fund - Class N Shares	307,929	13,419,552
	Janus Henderson Global Real Estate Fund - Class N Shares	443,667	5,173,160
	Janus Henderson Global Research Fund - Class N Shares	38,162	3,097,205
	Janus Henderson Global Select Fund - Class N Shares	582,036	8,235,803
	Janus Henderson International Managed Volatility Fund - Class N Shares	592,500	4,805,177
	Janus Henderson International Value Fund - Class N Shares	1,082,723	9,300,591
	Janus Henderson Large Cap Value Fund - Class N Shares	1,132,163	13,393,488
	Janus Henderson Mid Cap Value Fund - Class N Shares	766,347	9,954,849
	Janus Henderson Overseas Fund - Class N Shares	440,157	13,332,361
	Janus Henderson Small Cap Value Fund - Class N Shares	551,134	9,644,842
	Janus Henderson Triton Fund - Class N Shares	429,669	12,701,026
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	1,234,855	14,003,260
			176,907,534
Fixed Income Funds – 20.5%
	Janus Henderson Flexible Bond Fund - Class N Shares	608,143	6,774,708
	Janus Henderson Global Bond Fund - Class N Shares	3,053,903	30,813,880
	Janus Henderson Multi-Sector Income Fund - Class N Shares	864,575	8,178,875
			45,767,463
Total Investments (total cost $201,339,673) – 100.0%			222,674,997
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(85,412)
Net Assets – 100%			$222,589,585


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Growth Allocation Index	Global Growth Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (80%) and the Bloomberg Barclays Global Aggregate Bond Index (20%).
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.



Investment Income:
	Dividends from affiliates		$	4,121,590
Total Investment Income				4,121,590
Expenses:
	Advisory fees			117,989
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		11,559
		Class C Shares		55,025
		Class S Shares		4,698
	Transfer agent administrative fees and expenses:
		Class D Shares		232,104
		Class S Shares		4,698
		Class T Shares		37,736
	Transfer agent networking and omnibus fees:
		Class A Shares		3,565
		Class C Shares		5,242
		Class I Shares		12,040
	Other transfer agent fees and expenses:
		Class A Shares		409
		Class C Shares		463
		Class D Shares		39,964
		Class I Shares		718
		Class S Shares		71
		Class T Shares		320
	Registration fees			81,589
	Shareholder reports expense			58,335
	Professional fees			34,503
	Custodian fees			5,034
	Non-interested Trustees’ fees and expenses			5,024
	Other expenses			16,715
Total Expenses				727,801
Less: Excess Expense Reimbursement and Waivers				(2,847)
Net Expenses				724,954
Net Investment Income/(Loss)				3,396,636
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			7,148,197
	Capital gain distributions from underlying funds			4,163,311
Total Net Realized Gain/(Loss) on Investments				11,311,508
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			(18,268,623)
Total Change in Unrealized Net Appreciation/Depreciation				(18,268,623)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(3,560,479)



Capital Gain Distributions	$13,898,865
Foreign Taxes Paid	$194,351
Foreign Source Income	$1,073,532
Dividends Received Deduction Percentage	37%
Qualified Dividend Income Percentage	79%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93021 08-20


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	26.3	%
Janus Henderson Multi-Sector Income Fund - Class N Shares	8.2
Janus Henderson Flexible Bond Fund - Class N Shares	5.8
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.2
Janus Henderson Emerging Markets Fund - Class N Shares	4.9
Janus Henderson Overseas Fund - Class N Shares	4.8
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	4.6
Janus Henderson Forty Fund - Class N Shares	4.6
Janus Henderson Enterprise Fund - Class N Shares	4.6
Janus Henderson Large Cap Value Fund - Class N Shares	4.4
Janus Henderson Triton Fund - Class N Shares	4.0
Janus Henderson Contrarian Fund - Class N Shares	3.8
Janus Henderson Mid Cap Value Fund - Class N Shares	3.4
Janus Henderson Small Cap Value Fund - Class N Shares	3.3
Janus Henderson International Value Fund - Class N Shares	2.9
Janus Henderson Global Select Fund - Class N Shares	2.9
Janus Henderson Asia Equity Fund - Class N Shares	1.7
Janus Henderson Global Real Estate Fund - Class N Shares	1.7
Janus Henderson International Managed Volatility Fund - Class N Shares	1.6
Janus Henderson Global Research Fund - Class N Shares	1.0
Janus Henderson European Focus Fund - Class N Shares	0.3


Asset Allocation - (% of Net Assets)
Equity Funds	59.7%
Fixed Income Funds	40.3%
Other		(0.0)%
		100.0%